Playing the blame game is Politics 101, but President Barack Obama missed the mark earlier this month when he placed blame for the wave of corporate inversions on "accountants going to some big corporations and saying we found a great loophole."
The real blame lies at the feet of the government — the president and Congress — for not tackling the long-overdue rewrite of the U.S. tax code.
The president should keep in mind that no one is promoting anything that is illegal. It's akin to homeowners using the mortgage interest deduction permitted under the same tax code.
Rewriting the U.S. tax code is a monumental, yet critical, initiative that we need if our nation is to have any hope of competing in a global economy.
Putting blame aside, the CPA community stands ready to assist in this enormously important endeavor.
MICHAEL D. COLGAN
Pennsylvania Institute of CPAs