Speaking in Milwaukee on February 15, President Obama, re-ignited a controversy on "global taxation" set off by his top economic adviser during comments on the administration’s budget on Monday.
Gene Sperling, Assistant to the President for Economic Policy and Director of President Obama’s National Economic Council (NEC), caused a commotion this week with his statement that the Obama administration favors “a global minimum tax.” Sperling’s comment, captured by C-SPAN cameras, was soon spread across the blogosphere in numerous YouTube postings.
Mr. Sperling’s endorsement of a “a global minimum tax” has caused many people to look again at the repeated warnings issued by writers in The New American about various schemes and proposals in the pipeline for global taxation.
Here is a partial text of Sperling’s testimony:
[President Obama] supports corporate tax reform that would reduce expenditures and loopholes, lower rates for people investing and creating jobs in the U.S., do 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 uh, having our tax code actually subsidize and facilitate people moving their funds to tax havens.
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Photo: President Barack Obama speaks at Master Lock in Milwaukee, Wednesday, Feb. 15, 2012.: AP Images