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.
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    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.

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    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.

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