Posted on 07/28/2023 6:49:51 AM PDT by MtnClimber
The Biden administration has just spent two years negotiating with a group of foreign countries to raise taxes on U.S. companies operating overseas. Now we’re being told it’s been “delayed” for two more years. But why delay a bad decision? It’s an awful idea that should be rejected out of hand.
“Americans have already been crushed by inflation caused by the Biden administration,” argued West Virginia congresswoman Carol Miller, in a recent op-ed. “But now, they want to add fuel to the fire by giving American taxes to foreign countries, raising costs for Americans, and sticking us with the bill for funding a global socialist agenda.”
Her analysis is spot on. The U.S. Treasury and White House have no business negotiating a deal to subvert America’s sovereignty and erode its economic power, which the accord with the 38-nation Organization for Economic Cooperation and Development (OECD), headquartered in the ultra-deluxe Château de la Muette in Paris, is clearly meant to do.
For the record, the U.S. already imposes a 10.5% minimum tax on U.S. businesses’ foreign income, and last year imposed a 15% “global minimum tax” on big multinational companies’ profits. And the standard corporate rate here in the U.S. is now already 21%, well above 15%. So what’s the issue?
Under the OECD “deal” that both President Joe Biden and Treasury Secretary Janet Yellen have embraced, there’s something called the Undertaxed Profits Rule (UTPR). That guideline basically would let other countries tax a U.S. company at a higher rate if the country determines that it is paying less than the 15% somewhere else. And the other country, not the U.S. taxpayer, gets the revenue.
The opportunity from this rule for global tax abuse and even graft are clear. Moreover, U.S. tax rates by law have always been determined by Congress and the president, not by foreign bureaucrats.
The fight has just begun, really. One of the ways the left gets you to hate big corporations is by claiming they don’t pay “their fair share.”
As we’ve noted in this space before, that line of reasoning is based on the time-worn fallacy that corporations actually pay taxes.
It doesn’t seem like the Biden family likes paying their taxes.
And the biden crime family will collect in kickbacks 15% or more
Bidenomics sucks. Gas jumped 39 cents here in two days.
That’s what happens when the voters put a Communist House.
Fraudulent votes and phony lamestream media Matter. The politicians and the lamestream media are in full control. Do Not Attempt to resist
They truly are evil.
Support Global Socialism
Vote Democrat
Neve Fails
"“Americans have already been crushed by inflation caused by the Biden administration,” argued West Virginia congresswoman Carol Miller, [...]"
FR: Never Accept the Premise of Your Opponent’s Argument
Respectfully to Rep. Miller, the drafters of the Constitution provided for impeaching a corrupt president. But we're not seeing convincing evidence of impeachment by the corrupt, constitutionally undefined political parties who have pirated control of the House.
Exclusive: Marjorie Taylor Greene ‘Dumbfounded’ GOP Colleagues Will Not Call for Biden’s Impeachment! (6.10.23)
That's why I've thrown up my arms and am beating the drums for primarying all incumbents up for reelection in state and federal governments, except for MTG, Gaetz, in 2024.
After all, lawmakers and executives continue to show that they do not have the patriotism and leadership skills necessary to find legislative support for effective remedies for unconstitutional government policies.
My Grandfather always said ,all the American people have to do is stop paying taxes. He meant everyone at once. It may be time for all of us to do exactly that. F them, all they do is steal our money give it away to countries that hate us and fill their pockets. I have had it!
On April 15th everybody decides not to file. Those who owe do not pay.
They would be effed. Then we go after the IRS and eliminate them. By ANY means necessary. Our Founding Fathers would have burned down their offices long ago.
“Biden’s Awful”....at least they got some of it right....
Taxes going up in 2025 thanks to trump putting a sunset on middle class tax cuts. Biden may as well, but trumps will be the largest tax increase in history.
DON’T YOU KNOW THERE IS A WAR ON? Every Buck is a bullet to kill a lousy Ruzzian and free Sacred Ukraine! Give til it hurts—We are in it to win it! Fight them in Kiev or we will fight them in New York. The war to save Democracy is NOW!
Our communist masters are on an unstoppable roll...
They let no opportunity to increase the darkness of the current tyranny slip through their clutches...
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