President Obama on Tuesday criticized loopholes that help protect offshore tax havens and U.S. companies that move abroad for lower tax rates.
“A lot of these loopholes come at the expense of middle-class families,” Obama said during the White House press briefing adding that such companies are “gaming the system.”
The president’s comments come on the heels of the Treasury Department’s new package of rules aimed at making “tax inversions” — when U.S. companies move abroad for lower tax rates — less financially appealing. The new regulations, the third round that Treasury has put forward on inversions, seek to limit internal corporate…
More Must-Reads from TIME
- Why Biden Dropped Out
- Ukraine’s Plan to Survive Trump
- The Rise of a New Kind of Parenting Guru
- The Chaos and Commotion of the RNC in Photos
- Why We All Have a Stake in Twisters’ Success
- 8 Eating Habits That Actually Improve Your Sleep
- Welcome to the Noah Lyles Olympics
- Get Our Paris Olympics Newsletter in Your Inbox
Contact us at letters@time.com