White House skeptical of tax break gaining popularity in Congress

White House economic adviser Jason Furman expressed skepticism Tuesday about a tax idea that has been gaining support on both sides of the aisle in Congress.

Asked if the Obama administration supported an "innovation box," or a special low rate on income from intellectual property, as part of a larger international tax reform, Furman seemed to endorse a different strategy preferred by liberals instead.

Expanding an existing tax credit for research and development, Furman tweeted as part of a White House question-and-answer session, "directly encourages investments in new innovation, best bang-for-buck."

The online forum, conducted with the hashtag #WeThePeople, meant that any Twitter users could ask a question of Furman, who is the chairman of the president's Council of Economic Advisers. The innovation box question, however, was asked by Richard Rubin, a tax reporter for Bloomberg.

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