Obama calls for international tax reform amid Panama Papers revelations

The Guardian ^ | 4/5/2016 | Rupert Neate in New York and David Smith in Washington

[Beave Meister]

Barack Obama has called for international tax reform in the wake of the revelations contained in the Panama Papers.

“There is no doubt that the problem of global tax avoidance generally is a huge problem,” he told reporters at the White House on Tuesday. “The problem is that a lot of this stuff is legal, not illegal.”

The US president said the leak from Panama illustrated the scale of tax avoidance involving Fortune 500 companies and running into trillions of dollars worldwide.

“We shouldn’t make it legal to engage in transactions just to avoid taxes,” he added, praising instead “the basic principle of making sure everyone pays their fair share”.

Obama described the Panama revelations as “important stuff” and highlighted the impact upon ordinary citizens, adding that “a lot of these loopholes come at the expense of middle-class families, because that lost revenue has to be made up somewhere.

“Alternatively, it means that we’re not investing as much as we should in schools, in making college more affordable, in putting people back to work rebuilding our roads, our bridges, our infrastructure, creating more opportunities for our children.”

[Beave Meister]

I know their would be tax cheats no matter what the tax percentage is, but maybe if some of these countries lowered their taxes their wouldn't be as many. Instead Obama and his ilk want to turn the planet into one gigantic post office.

[Seruzawa]

Good to be reminded of who the real enemy is.

[GrandJediMasterYoda]

[johniegrad]

There is no such thing as “international” taxes to reform. This is only an attempt by governments to cooperate in stealing from their citizens. FUBO!!

[Fhios]

I picture an Obama standing in front of the world leaders demanding tax reform ..... and all I hear in response is: “You and who’s army?”

[aMorePerfectUnion]

“The problem is that a lot of this stuff is legal, not illegal.” If it's legal, it isn't a problem.

[EagleUSA]

Just another of the 31 Flavors of anti-Americanism.

[the_daug]

Tax avoidance is not illegal it is a duty to good stewardship.

[Farmer Dean]

Is’ a problem because the liberals see what they consider to be their money slipping from their grasp.

[ronnie raygun]

Lets start with the criminals in his administration his party and many of the politicians on both sides

[dead]

I suspect the world will collectively tell him to go scratch his ass, including all his friends in politics, industry, entertainment and publishing. And real estate. And banking. And agriculture. And software. Basically everybody.

[Osage Orange]

“The problem is that a lot of this stuff is legal, not illegal.”

My mind just can't wrap itself around that statement...........

[Jim from C-Town]

Tax avoidance is not illegal. It is common sense. Who in their right mind would ever give more money to the sucking maw of government without having to do so? Tax evasion is a crime.

[aMorePerfectUnion]

[Some Fat Guy in L.A.]

Any Soetoro’s in the records, I wonder?

[PGR88]

This “panama paper” release was a planned political project. Obama is now carrying the flag forward

[Organic Panic]

Hey... Here’s an idea. Why not make the US tax rates so attractive international businesses will move here and domestic businesses stay?

[tbw2]

Just going after Google, Microsoft and a few other big tech companies using the Double Irish tax shelter would be worth billions.

[Katya]

I heard McAfee say that no American companies or individuals were exposed in this... just foreign interests. This was a manufactured leak... or threat

[PGR88]

Apparantly the “international consortium of investigative journalists” and their open society backers will not release all the files they have - much is being kept back they say.