- The Inside Track, by John Powers, January 26, 2017.
3. US President Barack Obama said Tuesday that the revelations that powerful international politicians and businessmen have hidden money in shell companies shows tax avoidance is a global issue.
He said wealthy individuals and corporations are “gaming the system” by making use of tax code loopholes that average taxpayers do not have access to.
He also labelled “insidious” the growing practice of US companies merging with foreign firms just to cut their tax liabilities.
While enjoying the strengths of the US economy -- its workers, rule of law, and infrastructure -- such companies are not “paying their fair share,” he said.
“Tax avoidance is a big global problem,” Obama said, making reference to documents leaked from a Panama law firm that show thousands of anonymous companies could have been used by wealthy people to hide income.
“It’s not unique to other countries, because there are people in America who are taking advantage of the same stuff.”
“A lot of it is legal, but that’s exactly the problem.”
Obama took aim at companies exploiting weaknesses in laws to legally slash their US tax obligations, effectively undercutting the US government’s income base.
On Monday, the US Treasury tightened rules against “inversion” deals, in which US companies merge with foreign firms to move their official address offshore -- but not their US operations -- to avoid paying US taxes.
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