Old and busted: Global cap-and-trade. New hotness: A “global minimum tax.” The Weekly Standard catches the director of the White House National Economic Council insisting that the path to prosperity and American competitiveness is to establish a coordinated tax rate between all nations. Gene Sperling then promises more details later, although not the “gory detail”:
“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.”
Actually, it already sounds a little Gore-y … as in Al Gore and his push for a UN-run cap-and-trade system. Who, pray tell, would enforce this “global minimum tax”?
Our American so-called poor will suddenly find out that they are in the top 10% of the world when we are looking for tax money for really poor people.
LOL.
I wonder (after they find out the bill) how many of them will cough it up for Obama?