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"When companies
exploit loopholes like this... it sticks the rest of us with the
tab and it makes hard-working Americans feel like the deck is
stacked against them," Obama told reporters at the White House,
adding that wealthy corporations and individuals should not be
"gaming the system."
Obama, a Democrat, has called repeatedly for action by the
Republican-controlled U.S. Congress on tax-avoiding corporate
inversions, which lowers companies' tax bills by allowing them
to redomicile overseas even though their core operations and
management usually remain in the United States. So far,
lawmakers have done little.
The U.S. Treasury Department took more decisive actions to crack
down on inversions late on Monday, that imperils a number of
proposed mergers, including Pfizer Inc's $160 billion agreement
to buy Dublin-based Allergan Plc.
"I want to be clear. While the Treasury Department's actions
will make it more difficult... to exploit this particular
corporate inversions loophole, only Congress can close it for
good," Obama said.
(Reporting by Lindsay Dunsmuir; Editing by Bernard Orr)
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