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It's not a very good tax change," he said.
And the consumption tax change might therefore remain as elusive as ever.
Of course, the aggregate tax change will affect different taxpayers differently.
The White House suggested that companies were exaggerating the effects of the tax change.
Two days after the tax change, Wells Fargo topped Citi's proposal by offering $7 a share.
Yet the latter was not a tax change at all, but the freezing of an allowance.
The shadow treasurer, Chris Bowen, said Labor would support the personal income tax change.
I.B.M. is by no means alone in pushing for tax change.
Most Democrats in the Legislature voted against the tax change, arguing that it would force the government to cut more than $860 million to balance the budget in 2014, when the tax change will take effect.
The tax change proposals would likely remain largely the same as those announced earlier by the Gyurcsany cabinet.
Were HSBC's cost of debt to rise to 5%, the tax change would wipe out a quarter of its profits.
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