Obama Seeks to Block U.S. Corporations From Moving Overseas

Striking a populist stand ahead of the midterm elections, President Barack Obama is demanding "economic patriotism" from American corporations that seek overseas mergers to avoid U.S. taxes.

Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republicans who argue the entire corporate tax code needs an overhaul.

"The president has made clear that these companies are essentially renouncing their American citizenship by shipping their profits overseas to avoid paying taxes even as they benefit from all the advantages of being here in America," White House spokesman Eric Schultz said ahead of Obama's remarks. "That's precisely what we mean by economic patriotism."

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