News / Economy

Obama: Embrace 'Economic Patriotism'

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.
x
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.
VOA News

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.

You May Like

New England Bears Brunt of US Blizzard

Boston, surrounding region grapple with as much as 3 feet of snow, coastal flooding; leaders in New York, spared most severe weather, criticized for being overly cautious More

China Lifts Lid on Sale of Fake Goods Online

A recent survey found nearly 60 percent of a random sample of items bought from Taobao were fake More

Upward Aims to Create Old-girls Network in Silicon Valley

Lisa Lambert, an executive with Intel Corp.'s venture-capital unit, responds to the gender-disparity debate by creating a new social organization More

This forum has been closed.
Comment Sorting
Comments
     
by: David Mckee from: Punta Gorda, Fl
July 27, 2014 3:06 PM
Corporations have a fiduciary responsibility to it's shareholders to be as profitable as possible. President Obama, cut back on the size of government and the cost of central government. Reduce corporate taxes to be competitive with other developed countries that compete with US corporations. That would solve your issue for you.


by: elliott from: mass
July 27, 2014 9:54 AM
Our country was founded by people who were trying to avoid paying taxes. The President shouldn't question the patriotism of citizens or corporations who seek to legally minimize their tax burden. The US Govt should spend less - that's not a wacky or unpatriotic idea.


by: lone eagle from: Bangkok, Thailand
July 27, 2014 7:03 AM
For Fiscal Year 2014 the Defense Department’s budget is about $525 billion dollars that will be used to not only protect the United States, but to ensure peace and stability on this Planet. An American taxpayer subsidized umbrella of peace and security that will ensure that American corporations across this globe will be able to operate free of any military threat to their international subsidiaries wherever they are located: free to operate so as to sell their goods and services in the countries where they operate and be able to repatriate their profits back to America to help pay for the security umbrella that they benefit so much from. Several months ago I was approached by a Western European in my favorite Irish pub after he realized that I was an American to complain to me about President Obama for having him booted out of his Swiss bank because of a change in Swiss banking laws. My response to him was American Blackhawks are not free. I asked him how long did he think Switzerland could have expected to remain free of Nazi Germany if American blood and tax dollars were not expended on the beaches of Normandy to free Western Europe, or if American tax dollars were not used to get Europe back on its feet and to establish American bases and NATO in Europe to protect Europe from being overwhelmed by the Soviet Union. President Obama is correct in castigating American corporations and their CEO’s for wanting to fly off to corporate tax havens in Europe. But before they do I would hope that these CEO’s would take the opportunity to visit the graves of over 4000 Americans who died at Normandy in Brittany France or the over 5000 graves of Americans who are buried in Ardennes, Belgium. Just these two cemeteries alone have almost the graves of 10,000 Americans who died freeing Western Europe from Nazi Germany that has allowed American corporations today to benefit so handsomely from Western Europe.


by: J.Fraser from: MA
July 26, 2014 9:54 PM
The latest company to attempt to claim domicile in another country is a health care company from the President's home state of Illinois. Maybe the President should not resort to name calling, but introduce legislation to lower the tax penalty for brining foreign-earned currency back to the US.


by: arlo_sleepyhead from: SW Florida
July 26, 2014 7:45 PM
Businesses in America are being hunted to extinction by their own government through a rabid EPA and other agencies. Are they just supposed to quietly accept the knife at their throats? Would you?


by: Eddie from: New York
July 26, 2014 2:11 PM
Economic Patriotism my butt. The leaders of this country keep draining our wallets for their own benefit and when their deals go awry, they tax the citizens even more to make up for their losses. I applaud those business that take their market overseas avoid being taken by this government. Patriotism is nothing more than propaganda in the US; has no value.


by: Donald Fraser Miles from: Elliot Lake, Canada
July 26, 2014 10:18 AM
I'm a Canadian. I have been on some form of welfare for most of my working life. What I miss as much as independence from government is the privilege of paying federal taxes. I have rarely had the income to do so. I'm considered mentally incapable due to financial problems I had 10 years ago. I would consider it an act of liberation to be able to file my own tax return which I haven't done in 10 years. I do believe that if one is in sync with one's federal taxes that all else for the most part falls into place in one's life. I therefore think it best for the US to have a tax policy which obligates American business which does the majority of its business in the US to pay US taxes. It doesn't make sense to obligate US citizens to pay personal tax wherever they live in the world but to exempt US businesses from paying the appropriate level of US business tax. Responsible financial behaviour rewards all involved.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
NASA Monitors Earth’s Vital Signs From Spacei
X
Rosanne Skirble
January 27, 2015 5:05 PM
The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video NASA Monitors Earth’s Vital Signs From Space

The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video Saved By a Mistake - an Auschwitz Survivor's Story

Dagmar Lieblova was 14 when she arrived at Auschwitz in December 1943, along with her entire Czech Jewish family. All of them were to die there, but she was able to leave after several months due to a bureaucratic mix-up which saved her life. Now 85, with three children and six grandchildren, she says she has a feeling of victory. This report by Ahmad Wadiei and Farin Assemi, of RFE/RL's Radio Farda is narrated by RFE’s Raymond Furlong.
Video

Video Weekly Protests in Korea Keep Japanese WWII Atrocities Alive

Every week in Seoul protesters gather in front of the Japanese Embassy to demand an apology and reparations from Tokyo for the thousands of South Korean women who were forced into prostitution during World War II. Although this year marks the 70th anniversary of the end of the war, these protestors have helped keep the issue of comfort women alive and made it difficult for Japan to move beyond its past wartime atrocities. VOA's Brian Padden reports from Seoul.
Video

Video Exercise: New Prescription for Parkinsons Disease

Exercise could be the new prescription for Parkinson's Disease, a progressive disorder of the nervous system that affects movement. More than six million people worldwide suffer from Parkinsons and they're traditionally treated with medication and surgery. Shelley Schlender has more.
Video

Video Brussels Shaken as New Greek Leader Challenges Europe’s Austerity Drive

Greece’s youngest-ever prime minister, 40-year-old Alexis Tsipras, was sworn in Monday after his victorious far-left Syriza party entered a coalition with far right rivals. Tsipras says he will restore dignity to Greece by ending spending cuts. So begins a new chapter for the country at the epicenter of Europe’s economic crisis - a change that has sent tremors across the continent, as Henry Ridgwell reports from London.
Video

Video Obama Urges Closer Economic Ties During Historic India Visit

U.S. President Barack Obama says the United States and India must do better to capitalize on untapped potential in their economic relationship - by removing some of the roadblocks to greater trade and investment. As VOA correspondent Aru Pande reports from New Delhi, Obama spoke after participating in India’s Republic Day celebration.
Video

Video White House Grapples With Yemen Counterterrorism Strategy

Reports say the U.S. has carried out a drone strike on suspected militants in Yemen, the first after President Barack Obama offered reassurances the U.S. is continuing its counterterrorism operations in the country. The future of those operations has been in question following the collapse last week of Yemen’s government. VOA White House correspondent Luis Ramirez reports.
Video

Video Worldwide Photo Workshops Empower Youth

Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday - commonly seen as a form of printing new money. Henry Ridgwell reports for VOA from London on whether the move might rescue the eurozone economy -- and what lessons have been learned from similar programs around the world.
Video

Video Oil Price Drop Troubles Texas Producers

As oil prices have fallen over the past several months, drilling operations have slowed in some parts of the United States - including Texas, the state that surpasses all others in energy production. The Lone Star State’s energy output has been boosted in recent years by development of resources trapped deep below ground in the Eagle Ford shale deposit, which stretches across south central Texas. As VOA’s Greg Flakus reports from Karnes City, Texas, the drop in oil prices has created concerns,
Video

Video Nigerian Elections Pose Concern of Potential Conflict in 'Middle Belt'

Nigeria’s north-central state of Kaduna has long been the site of fighting between Muslims and Christians as well as between people of different ethnic groups. As the February elections approach, community and religious leaders are making plans they hope will keep the streets calm after results are announced. Chris Stein reports from the state capital, Kaduna.
Video

Video As Viewership Drops, Obama Puts His Message on YouTube

Ratings reports show President Obama’s State of the Union address this week drew the lowest number of viewers for this annual speech in 15 years. White House officials anticipated this, and the president has decided to take a non-traditional approach to getting his message out. VOA White House correspondent Luis Ramirez reports.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid

World Currencies

EUR
USD
0.8893
JPY
USD
118.31
GBP
USD
0.6660
CAD
USD
1.2459
INR
USD
61.427

Rates may not be current.