Watchman News Team Obama wants ‘economic patriotism’ — a ban on business HQ heading overseas

The White House sent out a letter to the Senate Finance Committee late Tuesday, calling on Congress to consider a “new sense of economic patriotism” — code for a ban on big businesses moving headquarters overseas to save on taxes.

Treasury Secretary Jack Lew penned the letter to Chairman Ron Wyden, Oregon Democrat, requesting congressional members to set a rule against U.S.-based companies from enacting “inversion” transactions simply to change their tax domicile and save on taxes, Politico reported.

“The president has called for undertaking business tax reform as a way to improve the investment climate in the United States and to support the creation and retention of high-quality American jobs,” Mr. Lew wrote. “What we need as a nation is a new sense of economic patriotism, where we all rise or fall together. … We should not be providing support for corporations that seek to shift their profits overseas to avoid paying their fair share of taxes.”

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