Obama to go on offensive against use of cross-border merges to avoid taxes

President Barack Obama plans to go on the offensive against companies that use cross-borders mergers to escape US taxes, accusing them of essentially renouncing their citizenship to shield profits.

Speaking in Los Angeles, the president said companies that use corporate inversions benefit from the economic advantages of being in the US, while adding to the tax burden of middle-income families.

Facing multiple foreign policy crises and a slow economic recovery, the president is turning to domestic issues and seizing on tax fairness as a campaign theme to help Democrats in the November congressional elections.