Obama Pleas for Economic Patriotism from Corporate Deserters
President Obama has openly and vehemently criticized the new corporate strategy of lowering its tax burden. This new strategy is called inversion, and for those who aren’t well versed in tax code, it’s a process by which a corporation buys a foreign corporation in order to take that corporation’s tax home which, in turn, lowers the tax burden of the once U.S. based corporation.
Economic Patriotism? Loving one’s country enough not to attempt to reduce a corporation’s tax burden to zero? Last time I checked, people loved money more than anything, including themselves, which runs a close second, followed by, presumably, McDonald’s and Starbucks and Peyton Manning. President Obama pleas for economic patriotism from the men who help run this country, and who, currently, are running it straight into the ground.
It may be time to revise the tax code again.
Posted: August 26, 2014