On Tuesday, Barrack Obama – The President of the United States has urged the Congress to take an action against the companies in United States from taking a gain of the tax loopholes that permit them to dodge paying taxes.
“When the companies exploit loopholes like this… it sticks the rest of us with tab & it makes hard-working Americans feel like the deck is stacked against them,” told President Barrack Obama to the reporters at White House.
Obama also added that the wealthy corporations & the individuals shouldn’t be “gaming the system.”
President Barrack Obama, who is a Democrat, has called frequently for action by the US Congress controlled by the Republican on the tax-avoiding corporate overturns that lowers the companies’ bills by letting them to re-domicile overseas even though their core operations & management usually remain in the U.S. So far, legislators have done diminutive.
The Treasury Department of the United States on Monday took more significant actions to crack down inversions, jeopardizing a number of future mergers, including Pfizer Inc’s 160 billion dollars agreement to buy the Dublin-based Allergan Plc.
“I want to be clear. While Treasury Department’s actions will make it more difficult… to exploit this particular corporate inversions loophole, only Congress can close it for good,” said President Barrack Obama.