President Barack Obama said on Wednesday his administration plans to move quickly to curb what he called a "herd mentality" by companies doing business deals that help them escape U.S. corporate taxes, saying the practice was unfair to Americans.
Obama's comments came the day that U.S. retailer Walgreen backed down from its plan to use a so-called inversion to reduce its taxes. Obama did not single out Walgreen, which is based in his home state of Illinois.
In an inversion, a U.S. corporation avoids U.S. taxes by buying or setting up a foreign company and then moving its tax domicile to that foreign company and its home country.
"We don't want to see this trend grow," Obama said at a news conference. "That kind of herd mentality is something we want to avoid, so we want to move quickly, as quickly as possible."