The director of the White House’s national economic council, Gene Sperling, has a brilliant idea: This administration needs the right to tax everything everywhere so nobody can escape their confiscatory flights of fancy:
“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.”
That’s pretty much an admission that these pinheads know their policies are chasing capital out of the United States. Instead of waking up to reality, they chalk it up to the selfishness of rich people packing up and leaving and then claim they need the right to reach across oceans to take money that would have rightly belonged to the U.S. government if these upper one-percenters hadn’t been so greedy. All this kind of talk does is incentivize people from other countries to make sure to not bring their money to the U.S. in the first place.
Obama claims he wants to lure business back to the U.S. Having an economic adviser talking like he wants to make the U.S. economy operate like the Hotel California (you can check out anytime you like, but you can never leave) is sure to send any business that might have been even considering a move to America crawling back to their digs in other parts of the world:
Update: The White House tries to “homina homina” their way out of this, but Sperling never mentioned anything about the U.N. I have no doubt the Obama administration wouldn’t want to tax globally in conjunction with the U.N. — if they did they’d have to share the haul.