Earlier this week, White House economic adviser Gene Sperling announced his support for changes in the tax structure. “[W]e need a global minimum tax so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidized and facilitate people moving their funds to tax havens,” Sperling said at an official White House meeting. He even indicated that President Obama “supports” this change.
But the White House pushed back the next day, tellingPolitico through an unnamed “official” that “[Sperling] was referring to our proposal in the Blueprint for an American Built to Last that removes tax incentives for companies that ship jobs overseas.” The Politico article was titled, “No ‘global tax,’ W.H. says,” though the article never actually quoted anyone—named or unnamed—denying the substance of Sperling’s proposal (or even that it would in effect be a “global minimum tax”).
Well today, in a speech the president is delivering in Milwaukee, Wisconsin, Obama announced the thrust of what amounts to a “global minimum tax”—even if he avoided using the controversial phrase.