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Obama: tax avoidance is 'a big global problem'

US President Barack Obama speaks about the economy and corporate tax inversions in the Brady Press Briefing Room of the White House on April 5, 2016US President Barack Obama said Tuesday that the revelations that powerful international politicians and businessmen have hidden money in shell companies shows tax avoidance is a global issue. “Tax avoidance is a big global problem,” Obama said, making reference to documents leaked from a Panama law firm that show thousands of anonymous companies could have been used by wealthy people to hide income. Obama took aim at companies exploiting weaknesses in laws to legally slash their US tax obligations, effectively undercutting the US government’s income base.

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