Obama: Growing Number of Businesses 'Renouncing Their Citizenship' - Joining Record Number of Individuals

Craig Bannister
By Craig Bannister | July 26, 2014 | 11:56 AM EDT

Now, even businesses are "renouncing their citizenship," Pres. Obama warned today in his weekly speech.

"It's thanks to the resilience and resolve of the American people that our country has recovered faster and come farther than almost any other advanced nation on Earth.

"But there's another trend that threatens to undermine the progress you've helped make.  Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes.  They're keeping most of their business inside the United States, but they're basically renouncing their citizenship and declaring that they're based somewhere else, just to avoid paying their fair share."

Last year a record number of Americans renounced their citizenships - a statistic the Treasury Department just happens to track.

Obama said we shouldn't allow companies to "cherrypick their taxes.":

"I want to be clear: this is only a few big corporations so far.  The vast majority of American businesses pay their taxes right here in the United States.  But when some companies cherrypick their taxes, it damages the country's finances.  It adds to the deficit.  It makes it harder to invest in the things that will keep America strong, and it sticks you with the tab for what they stash offshore.  Right now, a loophole in our tax laws makes this totally legal - and I think that's totally wrong.

Ironically, as Obama mulls using even more executive action to subvert immigration laws, he declared that people can't choose to follow some rules and not others:

"You don't get to pick which rules you play by, or which tax rate you pay, and neither should these companies. "