Statement by Ron Paul on the Obama Administration's 'Global Tax'

LAKE JACKSON, Texas— Congressman and 2012 Republican Presidential candidate Ron Paul has issued a statement strongly condemning Gene Sperling's call for a global minimum tax. Sperling is President Obama's director of the National Economic Council. See comments below:

"Gene Sperling's call for a global minimum tax is yet another example of this administration's hostility toward liberty, as well as its ignorance of economics. A global minimum tax would logically require some sort of global IRS to ensure the tax was paid, and it would give the government even more excuses to invade our financial privacy.

"History shows that any time 'minimum' taxes are created, they do not remain minimum. Greedy politicians will eventually increase both the tax rate and the number of people subject to the tax.

"A global minimum tax will further cripple economic growth, as more money is sucked out of the productive sector to be wasted by politicians and government bureaucrats. The American people are already struggling under the burden of high taxes, high spending, and outrageous debt. They do not need new taxes imposed on business at the international level.

"Instead of trying to impose new global taxes, President Obama and Mr. Sperling should join me in supporting repealing all taxes on the repatriation of foreign capital. This would inject trillions of dollars into the American economy and help create new businesses and new jobs. Tax-free capital repatriation is a major part of my Plan to Restore America.

"I hope my four rivals for the presidency — Mitt Romney, Rick Santorum, Newt Gingrich, and President Obama himself — will join me in denouncing Mr. Sperling's call for a global tax."