Obama Urges Congress to Take Action on Corporate Tax Reform

U.S. President Barack Obama on Tuesday urged Congress to take action to stop U.S. companies from taking advantage of tax loopholes that allows them to avoid paying sufficient taxes.

Continue Reading Below

"A lot of these loopholes come at the expense of middle-class families," Obama told reporters at the White House, adding that such maneuvers "sticks the rest of us with the tab."

Obama, a Democrat, has called repeatedly for action by the Republican-controlled U.S. Congress on tax-avoiding corporate "inversions", which lower companies tax bills by redomiciling overseas, but lawmakers have done little.

The U.S. Treasury Department took more decisive actions to crack down on "inversions" late on Monday. (Reporting by Lindsay Dunsmuir; Editing by Bernard Orr)