Obama urges Congress to take action on corporate tax reform

U.S. President Barack Obama delivers remarks on economy in the White House briefing room in WashingtonU.S. President Barack Obama on Tuesday urged Congress to take action to stop U.S. companies from taking advantage of tax loopholes that allow them to avoid paying taxes. 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. 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 .

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