President Barack Obama remains committed to reforming international corporate taxation to end “unfair loopholes,” a White House spokeswoman said on Tuesday.
The comment was in response to a front-page article in The Wall Street Journal that said the Obama administration has shelved a plan to raise more than $200 billion in new taxes on multinational companies following complaints from businesses.
It has become clear that the legislation will not be passed this year due to a crowded legislative agenda, but that does not mean the issue has disappeared.
“While we have an open door to the ideas and concerns of business leaders, we remain as committed to reforming international corporate taxation to end unfair loopholes as we were the day the president announced the plan,” White House spokeswoman Jen Psaki said.
