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

Lesotho Faces New Round of Violence, Political Crisis

Brutal killing of military officer has sent former leaders back into S. Africa where they're watching anxiously as regional officials head in to try to restore peace More

Video US Diplomat Expects Adoption of Bosnian Massacre Anniversary Resolution

Samantha Power says there's broad consensus about killings in Bosnia's war, but Russia calls resolution 'divisive,' backs UN countermeasure More

UN Report Exposes Widespread Boko Haram Atrocities

Damning report graphically details pattern of vicious, widespread atrocities committed by Islamist militants 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.
Olympics Construction Scars Sacred Korean Mountaini
X
July 02, 2015 4:10 AM
Environmentalists in South Korea are protesting a Winter Olympics construction project to build a ski slope through a 500-year-old protected forest. Brian Padden reports that although there is strong national support for hosting the 2018 Pyeongchang Winter Olympics, there are growing public concerns over the costs and possible ecological damage at the revered mountain.
Video

Video Olympics Construction Scars Sacred Korean Mountain

Environmentalists in South Korea are protesting a Winter Olympics construction project to build a ski slope through a 500-year-old protected forest. Brian Padden reports that although there is strong national support for hosting the 2018 Pyeongchang Winter Olympics, there are growing public concerns over the costs and possible ecological damage at the revered mountain.
Video

Video Xenophobia Victims in South Africa Flee Violence, Then Return

Many Malawians fled South Africa early this year after xenophobic attacks on African immigrants. But many quickly found life was no better at home and have returned to South Africa – often illegally and without jobs, and facing the tough task of having to start over. Lameck Masina and Anita Powell file from Johannesburg.
Video

Video Family of American Marine Calls for Release From Iranian Prison

As the crowd of journalists covering the Iran talks swells, so too do the opportunities for media coverage.  Hoping to catch the attention of high-level diplomats, the family of American-Iranian marine Amir Hekmati is in Vienna, pleading for his release from an Iranian prison after nearly 4 years.  VOA’s Heather Murdock reports from Vienna.
Video

Video UK Holds Terror Drill as MPs Mull Tunisia Response

After pledging a tough response to last Friday’s terror attack in Tunisia, which came just days before the 10th anniversary of the bomb attacks on London’s transport network, British security services are shifting their focus to overseas counter-terror operations. VOA's Henry Ridgwell has more.
Video

Video Obama on Cuba: This is What Change Looks Like

President Barack Obama says the United States will soon reopen its embassy in Cuba for the first time since 1961, ending a half-century of isolation. VOA White House correspondent Luis Ramirez reports.
Video

Video Hate Groups Spread Influence Via Internet

Hate groups of various kinds are using the Internet for propaganda and recruitment, and a Jewish human rights organization that monitors these groups, the Simon Wiesenthal Center, says their influence is growing. The messages are different, but the calls to hatred or violence are similar. VOA's Mike O’Sullivan reports.
Video

Video US Silica Sand Mining Surge Worries Illinois Residents, Businesses

Increased domestic U.S. oil and gas production, thanks to advances known as “fracking,” has created a boom for other industries supporting that extraction. Demand for silica sand, used in fracking, could triple over the next five years. In the Midwest state of Illinois, people living near the mines are worried about how increased silica sand mining will affect their businesses and their health. VOA’s Kane Farabaugh has more in this first of a series of reports.
Video

Video Blind Somali Journalist Defies Odds in Mogadishu

Despite improving security in the last few years, Somalia remains one of the most dangerous countries to be a journalist – even more so for someone who cannot see. Abdulaziz Billow has the story of journalist Abdifatah Hassan Kalgacal, who has been reporting from the Somali capital for the last decade despite being blind.
Video

Video Texas Defies Same-Sex Marriage Ruling

Texas state officials have criticized the US Supreme Court decision giving same-sex couples the right to marry nationwide. The attorney general of Texas says last week's decision did not overrule constitutional "rights of religious liberty," and therefore officials performing wedding services can refuse to perform them for same-sex couples if it is against their religious beliefs. Zlatica Hoke reports on the controversy.
Video

Video Rabbi Hits Road to Heal Jewish-Muslim Relations in France

France is on high alert after last week's terrorist attack near the city Lyon, just six months after deadly Paris shootings. The attack have added new tensions to relations between French Jews and Muslims. France’s Jewish and Muslim communities also share a common heritage, though, and as far as one French rabbi is concerned, they are destined to be friends. From the Paris suburb of La Courneuve, Lisa Bryant reports about Rabbi Michel Serfaty and his friendship bus.
Video

Video Saudi Leaks Expose ‘Checkbook Diplomacy’ In Battle With Iran

Saudi Arabia’s willingness to wield its oil money on the global diplomatic stage appears to have been laid bare, after the website WikiLeaks published tens of thousands of leaked cables from Riyadh’s Ministry of Foreign Affairs. VOA's Henry Ridgwell reports.
Video

Video In Kenya, Police Said to Shoot First, Ask Questions Later

An organization that documents torture and extrajudicial killings says Kenyan police were responsible for 1,252 shooting deaths in five cities, including Nairobi, between 2009 and 2014, representing 67 percent of all gun deaths in the areas reviewed. Gabe Joselow has more from Nairobi.

VOA Blogs

World Currencies

EUR
USD
0.9009
JPY
USD
123.09
GBP
USD
0.6387
CAD
USD
1.2524
INR
USD
63.605

Rates may not be current.