The line raised eyebrows across the conservative blogosphere, with critics wondering whether Biden was proposing either increased taxes on corporations or giving an international body the ability to tax American corporations.
But Biden was likely just referring to the international minimum tax that the White House has suggested before, under which the American government would impose a domestic tax on American companies that were shipping jobs — or profits — overseas to avoid paying taxes.
"The President is proposing to eliminate tax incentives to ship jobs offshore by ensuring that all American companies pay a minimum tax on their overseas profits, preventing other countries from attracting American business through unusually low tax rates. The savings would be invested in cutting taxes here at home, especially for manufacturing," the White House said in a January fact sheet on the president's manufacturing proposals.
National Economic Council Director Gene Sperling made waves when he similarly referred to the proposal as a "global minimum tax" in February.
President Obama has also advocated the program while on the stump, mentioning the proposal in a February speech to plant workers in Milwaukee, Wis.
“From now on, every multinational company should have to pay a basic minimum tax,” Obama said.