President Barack Obama plans to go on the offensive later Thursday against companies that use cross-border mergers to avoid U.S. taxes, accusing them of essentially renouncing their American citizenship to shield profits. Bloomberg reports Obama will say in Los Angeles that companies using so-called inversions benefit from the economic advantages of being in the U.S. while adding to the tax burden of middle-class families. Democrats have called for action to stop inversions but analysts say near-term chances of legislation being enacted are very low.
Renouncing citizenship would appear to be a heinous crime, similar to treason. One such criminal, Peter Dunn, also appeared in a MarketWatch article by Al Lewis:
I feel honoured to be in a special class of criminal merely for exercising my universal and fundamental right to change my nationality.