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  • Obama: Panama Papers show need to tighten tax laws

    During an address about the U.S. economy and tax inversions, President Obama said the leak of 11.5 million documents from a Panama-based law firm that shed light on wealthy people shelter their wealth from tax authorities is a reminder that "tax avoidance is a big global problem." The Panama Papers show that leaders should do more to tighten tax laws and crack down those that use tax shelters, according to Obama. "A lot of its legal, but that's exactly the problem," he said.

Obama: Panama Papers show need to tighten tax laws

During an address about the U.S. economy and tax inversions, President Obama said the leak of 11.5 million documents from a Panama-based law firm that shed light on wealthy people shelter their wealth from tax authorities is a reminder that "tax avoidance is a big global problem." The Panama Papers show that leaders should do more to tighten tax laws and crack down those that use tax shelters, according to Obama. "A lot of its legal, but that's exactly the problem," he said.
Credit: The White House