Obama reviewing options on corporate tax loophole

WASHINGTON (AP) — President Barack Obama says he’s reviewing all options to stop American companies from reincorporating overseas to avoid paying U.S. taxes.

Obama says the practice is unfair and not right. He says the tax income that’s lost as a result must be made up somewhere and that it’s usually through higher taxes or reduced government services.

Obama says he would prefer that Congress act to close the loophole, but that he’s considering acting on his own to end the practice.

Republicans have criticized Obama for acting on his own in many areas, even authorizing a lawsuit against the president on the matter. But Obama says the public expects him to use his executive authority to help make their lives better wherever he can and when Congress won’t send him legislation.

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