Obama Economic Advisers Support Romney Tax Plan

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President Obama will spend Tuesday criticizing a Mitt Romney tax proposal that members of his own jobs and export councils have supported for years. According to ABC News:

President Obama today will criticize presumptive GOP nominee Mitt Romney for his support of a territorial tax system…. Romney is far from alone in endorsing a territorial tax system, which would allow the profits made by an American corporation in another country to escape U.S. taxation. …

In a letter to President Obama on December 9, 2010,the chairman of his Export Council, Boeing CEO Jim McNerney, writing on behalf of the private-sector appointed members of the Council, called for a “competitive territorial tax system for the United States.”…

In January of this year, the president’s Council on Jobs and Competitiveness issued its end-of-the-year report for 2011, in which it was noted that “Many members of the Council agreed that the United States should move to a territorial system of taxing corporate income akin to the practices of the other developed economies.”

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