[Washington DC]Barack Obama Reiterates Reduction In Tax Benefits For Jobs Growth
Treasury Department Of U S A announced that it’s taking action to reduce the tax benefits of — and, where possible, stop — corporate tax inversions from happening.
inversion Is a type of corporate tax deal wherein a U.S.-based multinational with operations in other countries moves the tax residence of the parent company overseas — moving into a low-tax jurisdiction to avoid paying U.S. taxes.
America’s businesses have created 10 million jobs over the last 54 months.
Obama Says “there’s no substitute for Congressional action, My Administration will act wherever we can to protect the progress the American people have worked so hard to bring about.”
Quoting Secretary Lew Obama Talks About action plan “today on the first steps the Treasury Department is taking to discourage companies from taking advantage of corporate inversions — moving their tax residence overseas on paper to avoid paying their fair share in taxes here at home”
Targeting Tax Evaders Obama Says “We’ve recently seen a few large corporations announce plans to exploit this loophole, undercutting businesses that act responsibly and leaving the middle class to pay the bill, and I’m glad that Secretary Lew is exploring additional actions to help reverse this trend.
I believe America does better when hard work pays off, responsibility is rewarded, and everyone plays by the same set of rules. In the weeks and months ahead we should do even more to bring fairness to our tax code, help our businesses create more American jobs, and expand opportunity for all.”
Source White House
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