Obama Calls On Congress to End U.S. Tax Loopholes for Wealthy

Washington Times | April 5, 2016

By Dave Boyer

President Obama used a burgeoning scandal about offshore tax havens Tuesday to call on Congress to enact tax fairness measures that he said would benefit middle-class taxpayers.

The president said the so-called “Panama Papers” scandal, in which foreign heads of state and other wealthy individuals have avoided paying taxes at home, is proof that “tax avoidance is a big global problem.”

“There are loopholes that only powerful individuals and corporations have access to,” Mr. Obama said, turning his attention to the U.S. tax code. “They are gaming the system.”

Pointing to the Treasury Department’s action Monday to prevent U.S. firms from avoiding domestic taxes, Mr. Obama said, “These loopholes come at the expense of middle-class families. Those revenues have to be made up somewhere.”

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