RALEIGH, (SGRToday.com) - Using the news that the U.S. economy created 215,000 jobs in March as a springboard, President Barack Obama is praising action by the Treasury Department on corporate inversions.

The president said, in part:

"Yhis directly goes at what’s called corporate inversions.  They are not new.  Simply put, in layman’s terms, it’s when big corporations acquire small companies, and then change their address to another country on paper in order to get out of paying their fair share of taxes here at home.  As a practical matter, they keep most of their actual business here in the United States because they benefit from American infrastructure and technology and rule of law.  They benefit from our research and our development and our patents.  They benefit from American workers, who are the best in the world.  But they effectively renounce their citizenship.  They declare that they’re based somewhere else, thereby getting all the rewards of being an American company without fulfilling the responsibilities to pay their taxes the way everybody else is supposed to pay them.  

When companies exploit loopholes like this, it makes it harder to invest in the things that are going to keep America’s economy going strong for future generations.  It sticks the rest of us with the tab.  And it makes hardworking Americans feel like the deck is stacked against them."

Read the entire statement at whitehouse.gov.