There’s been a lot of talk lately from President Barack Obama and administration officials about “economic patriotism.” They say that corporations shouldn’t be allowed to move overseas to escape paying the corporate income tax.
“Even as corporate profits are higher than ever, there’s a small but growing group of big corporations that are fleeing the country to get out of paying taxes,” President Obama said at a stop in Los Angeles on Thursday. “They’re keeping, usually, their headquarters here in the U.S. They don’t want to give up the best universities and the best military and all the advantages of operating in the United States. They just don’t want to pay for it. So they’re technically renouncing their U.S. citizenship.”
Earlier this month, President Obama suggested that Congress (read: Republicans) lack “economic patriotism” to work with his administration on issues the country faces. Treasury Secretary Jack Lew dropped the same term in a letter to Senate Finance Committee Chairman Ron Wyden (D-OR) as he urged Congress to pass legislation to end corporate inversions.
“What we need as a nation is a new sense of economic patriotism, where we all rise or fall together. We know that the American economy grows best when the middle class participates fully and when the economy grows from the middle out,” Lew wrote in the letter to Wyden. “We should not be providing support for corporations that seek to shift their profits overseas to avoid paying their fair share of taxes.”