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Obama: Offshore ‘tax inversions’ are unpatriotic

WASHINGTON (AP) — President Barack Obama says a loophole that lets companies dodge U.S. taxes by moving their headquarters overseas is unpatriotic.

Obama is denouncing “tax inversions” in his weekly radio and Internet address. He says companies are essentially renouncing their citizenship to avoid paying their fair share.

President Barack Obama pauses as he speaks about the economy at the Los Angeles Trade-Technical College in Los Angeles, Thursday, July 24, 2014, on the final day of his three-day West Coast trip. (AP Photo)

Obama says the best way to address the problem is through tax reform that lowers the corporate tax rate. But he says the problem can’t wait. He’s urging lawmakers to join the effort to close the loophole.

Obama says Americans don’t get to pick which rules they follow and neither should companies.

In the Republican address, congressman Steve Daines of Montana says Obama is waging a war on the middle class. He’s calling for the Senate to pass House-approved jobs bills.

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/user/rnc/videos

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