Posted on 10/10/2021 8:44:46 PM PDT by SeekAndFind
If the Biden Administration were in a back room somewhere, thinking about the things they could do to destroy the economy, they probably wouldn’t be doing much different than the things they have been pushing.
They either have very little understanding of economics. Or they deliberately want to hurt the country. Take your pick.
Now, they are trumpeting another thing that will do grievous harm to the American economy — the global minimum tax.
We wrote previously how Biden’s Treasury Secretary Janet Yellen had been championing this idea.
Yellen said that the Biden administration wants to end a global “race-to-the-bottom” on corporate tax rates by working with other countries in the G20 on an agreement for a global minimum tax rate. She said that this effort is important in order to ensure that countries can raise the revenue they need to provide needed public services.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
On Friday, the Organization for Economic Cooperation and Development (OECD) announced that 136 countries including the United States had agreed to a global minimum corporate tax rate of 15%.
Janet Yellen appeared today on ABC’s “This Week” with George Stephanopoulos and said she was confident that they could get this past Congress and were going to include it in the Build Back Better (BBB) bill, adding one more reason that we have to defeat the bill.
Treasury sec. Janet Yellen tells @GStephanopoulos she is confident the 15% minimum tax supported by more than 130 countries will be passed through Congress, calling it a “very historic agreement.” https://t.co/XspQwhKE8X pic.twitter.com/jFaM3StmRS
— ABC News Politics (@ABCPolitics) October 10, 2021
As the Wall Street Journal editorial board observes in a new op-ed, prior to Biden, there had basically been bipartisan agreement that this was a bad move for American businesses. The board notes that the purpose behind this is to be able to let loose the taxing ability here and nail the corporations.
The problem with that? It isn’t just the corporations that will bear the weight of the increased taxes — it’s the American people to whom the companies will then pass the increases on to in greater costs.
How ignorant is the White House on this? They either don’t even understand this or they’re simply lying to us when White House Press Secretary Jen Psaki says she doesn’t see this happening because the American people wouldn’t let it happen. This is just stunningly ignorant.
Basic economics super unfair https://t.co/E3UYv0JiIZ
— Guy Benson (@guypbenson) September 28, 2021
Has she been alive through prior tax hikes? They’re passed on to the people in higher prices or lower wages. So much for the claim that the Build Back Better bill wouldn’t have tax increases on ordinary Americans.
Then increasing taxes has the opposite effect — tax cuts pump up the economy and revenue; tax increases slow the economy, which other Biden policies have already put in the dumper.
Yellen actually betrays another big reason that she and Biden are behind it, “This is really something we need to make globalization work.” Talk about saying the quiet part out loud. There it is right there. Once again, it’s an effort to turn over our independence to the control of international entities. If a tax cut would benefit our economy, too bad — it wouldn’t be allowed. It would put within this global body a hold over our ability to operate freely.
Not to mention that not everyone will join. Which means, immediately, that the concept fails as the people who stay out will become the tax havens to which the corporations might ultimately run. There will always be work arounds for the elite.
Yellen also said that she was in favor of completely eliminating the debt ceiling. So, we can not only have more taxes, but we can spend ourselves completely into oblivion without any limit.
There’s a “race to the bottom,” but it doesn’t have to do with what Yellen is talking about — it’s a race by the Biden team to drive our economy to the bottom and put things into global hands.
So when is Biden going to lower the corporate tax rate here in America to 15%?
I’m guessing, never?
Yellen is really the right kind of person to have in that office, if destruction of the economy is your goal. Biden’s goal. Let’s go Brandon!
China is currently committing genocide against its ethnic minorities and holds a permanent seat on the UN Security Council. Every other country holding a permanent seat on the UN Security Council, including the United States, has been aware of this fact for years.
This should be included in the first paragraph of every news story that discusses anything regarding “international law” or the UN.
There will always be tax havens for the wealthy and their enterprises.
Their tax attorneys will just get wealthier finding the loopholes.
What would be better is to distribute the tax burden of profit to each of the human shareholders or owners. So if a corporation earns a profit of 50 million dollars and has 1 million shares, the tax burden would be $50 per share. For corporations owning corporations, this burden would trickle through to a human shareholder. (Estates would be an interesting problem, to be solved.)
HEY!!!
This is exactly like price fixing.
Totally illegal for competitors to collude in this fashion.
Oh. Rules are for peons?
Never mind.
can raise the revenue they need to provide needed
public services.
/\
They mean the seppuku shot.
.
Stinking communist bitch...
I can’t believe how quickly Yellen has taken on the characteristics of and Old Troll.
She is not aging gracefully.
CoupFlu has NEVER been about public health.
And the US isn’t the only former republic with a Deep State running it.
They either have very little understanding of economics. Or they deliberately want to hurt the country. Take your pick.
does it matter? we are screwed either way
its a minimum tax
estates pay income tax
It is yet another way to raise taxes and the cost of everything for us except the politicians who get our money.
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