Gene Sperling, director of the White House's national economic council, said today at an official meeting that "we need a global minimum tax":
“He supports corporate tax reform that would reduce expenditures and loopholes, lower rates for people investing and creating jobs in the U.S., due so further for manufacturing, and that we need to, as we have the Buffett Rule and the individual tax reform, we 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.
The White House adviser then said that more details would be forthcoming, though "not in gory detail."
"But we will say more, perhaps not in gory detail, but in more detail, before the end of the month. And in terms of the revenues, the president is looking for shared sacrifice. This budget is a Democratic budget that has savings in Medicaid, it has savings from new beneficiaries, Medicare in 2017, it has agriculture civilian retirement savings. It has a lot of very tough choices."
Video at the link: http://www.weeklystandard.com/blogs/white-house-economic-adviser-we-need-global-minimum-tax_626749.html
So . . . . WTF?
Is this the replacement for cap-and-trade?
Who decides how much the global minimum tax will be? The UN?
How much will people currently paying no federal taxes end up owing to the, uh, globe?
Is the Obama team really going to roll this out during the campaign season?