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But the costs of the project zoomed, not least because the company agreed to a minimum tax payment of $100m a year.
He also called for a minimum tax on foreign profits.
Federal and state income tax codes specify a minimum tax obligation on the basis of income.
Additionally, we need Congress, right now, to enact a minimum tax on high incomes.
He would impose a minimum tax rate on foreign-source income.
Obama is proposing to set a minimum tax on people making $1m or more in income.
Part of the Obama plan includes a minimum tax on the overseas income of United States-based corporations.
He introduced a minimum tax on the wealthy and championed a guaranteed minimum income for the poor.
Mr. Obama wants to claw some of this back by imposing a minimum tax on foreign earnings.
Nick Clegg has appeared to row back from a proposal for a tycoon tax built round a minimum tax rate.
One compromise being discussed in Congress is a version of the territorial system — but with a minimum tax for any overseas operations.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com