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Obama: Embrace 'Economic Patriotism'

  • VOA News

FILE - President Barack Obama speaks about the economy at the Turner-Fairbank Highway Research Center in McLean, Virginia, July 15, 2014.

FILE - President Barack Obama speaks about the economy at the Turner-Fairbank Highway Research Center in McLean, Virginia, July 15, 2014.

U.S. President Barack Obama has criticized what he calls "a small but growing group" of big corporations that are fleeing the country to avoid paying taxes.

The U.S. leader said in his weekly address Saturday the companies are keeping most of their business inside the United States, but they are "basically renouncing their citizenship," declaring they are based somewhere else to avoid paying "their fair share" of taxes.

Obama said a loophole in the tax law makes this action "totally legal."

The president called on Americans to embrace "economic patriotism" that lowers the corporate tax rate and closes wasteful loopholes.

In the Republican address, Congressman Steve Daines of the western state of Montana said President Obama is waging a war on the middle class. Daines called on the Senate to pass House-approved jobs bills. The White House and Senate are controlled by Democrats; the House of Representatives is controlled by Republicans.

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