Obama calls for international tax reform amid Panama Papers revelations; Guardian, 4/5/16

Rupert Neate and David Smith, Guardian; Obama calls for international tax reform amid Panama Papers revelations:

"Barack Obama has called for international tax reform in the wake of the revelations contained in the Panama Papers.

“There is no doubt that the problem of global tax avoidance generally is a huge problem,” he told reporters at the White House on Tuesday. “The problem is that a lot of this stuff is legal, not illegal.”

The US president said the leak from Panama illustrated the scale of tax avoidance involving Fortune 500 companies and running into trillions of dollars worldwide.

“We shouldn’t make it legal to engage in transactions just to avoid taxes,” he added, praising instead “the basic principle of making sure everyone pays their fair share”.

Obama described the Panama revelations as “important stuff” and highlighted the impact upon ordinary citizens, adding that “a lot of these loopholes come at the expense of middle-class families, because that lost revenue has to be made up somewhere.

“Alternatively, it means that we’re not investing as much as we should in schools, in making college more affordable, in putting people back to work rebuilding our roads, our bridges, our infrastructure, creating more opportunities for our children.”"