Posted on 06/12/2021 5:21:44 AM PDT by Oldeconomybuyer
President Joe Biden might have persuaded some of the world’s largest economies to hike taxes on corporations, but the U.S. Congress could be a far tougher sell.
White House press secretary Jen Psaki said Friday that leaders of the Group of Seven — which also includes the United Kingdom, France, Canada, Germany, Italy and Japan — agreed with Biden on placing a global minimum tax of at least 15% on large companies.
“America is rallying the world to make big multinational corporations pay their fair share so we can invest in our middle class at home,” Jake Sullivan, the president’s national security adviser, said Friday on Twitter.
Texas Rep. Kevin Brady, top Republican on the House Ways and Means Committee, said GOP lawmakers would fight “tooth and nail” against the tax. Republicans view lower taxes as encouraging companies to invest and hire, putting little stock in Biden’s argument that improved infrastructure and better-educated workers would help increase growth.
“It is an economic surrender,” Brady said Friday. “President Biden has managed to do the impossible -- he has made it better to be a foreign company and a foreign worker than an American company and an American worker.”
Senate Republican Leader Mitch McConnell of Kentucky has repeatedly said his party will oppose any measures that undo the 2017 tax cuts signed into law by President Donald Trump.
(Excerpt) Read more at apnews.com ...
Liar!
They’re making a play for one-world government. The United States people are the last obstacle. No wonder they are trying to kill us off, subjugate us, and/or replace us.
“...Congress is a hurdle...” ?
Only until they are clear on THEIR cut! THEN they’ll be on board
The people are no such obstacle. The last 16 months proved it.
the biden pedophiles proposed ChInA be immune
to the new taxes
Dang, Joe is literally just like Woodrow Wilson.
GLOBAL TAX!!! omg.....he is NUTS!
amen...sadly.
‘fair share”…who determines the meaning of “fair”?
“Invest” in middle class”? The government doesn’t “invest”.
It’s not Biden...we all know WHO it is. I
Joe OBiden is a mindless imp.. The REAL operators are the usual suspects.. Soros, Gates and all those digital billionaires who think their gods and that the earth and all the little people in it belongs to them...
How many countries in the G7 even have a corporate tax rate below 15% anyway ?
This was last week’s news when the G-7 accountants err “Finance Heads” agreed to the global minimum tax - led by Old Yellen. So the Deep State media pretends it’s somehow another win that Sleepy Joe “sold” it to the same G-7 countries? Are we sure that even Pravda went to such lengths to prop up the USSR in the late 1980s?
As Oldeconomybuyer wrote, "Corporations don't pay taxes. They collect taxes." That means consumers pay taxes. Eliminate the billions of dollars spent by businesses on tax accounting, tax lawyers, and lobbying so they can focus on delivering the best possible products and services.
Think about that for a second. Productive business activities lead to the development and sale of profitable goods and services. Unproductive business activities take away from profit. Everything surrounding taxes is unproductive. It does not make a good or service better, more efficient, less expensive, or more profitable. Taxes do not increase value to consumers of products.
Some simple economics - increased value to consumers means satisfied consumers. Those consumers are you and me. Tired of buying $hit made in China? Make a better product that is less expensive in America. Better Product + Less Expensive = Better Value = Happy Americans.
Tax personal consumption at the point of sale using a single, simple flat rate. Eliminate all personal income taxes. No more filing taxes. No inheritance taxes. No double taxation. No capital gains taxation. Just a single, simple flat rate consumption tax. Streamline tax collection and make every American pay taxes so every American gives a damn about government spending and the useless crap lazy ass government employees do. Put all those tax accountants to work doing something productive - that means making something instead of saving something. As for the lawyers and lobbyists, just shoot them. (sarcasm on that last item)
Sleepy ‘divested’ the XL pipeline workers of their jobs day 1. BTW where is the global tax bribery funds or extortion fees getting siphoned off to what grifters?
> GLOBAL TAX!!! omg.....he is NUTS! <
Yes indeed. Now let’s suppose that China doesn’t go along with this scheme. Or maybe China just pretends to go along. End result? Western companies become even less competitive with Chinese companies.
Advantage, China (once again).
“Biden sells G-7 on global tax, but U.S. Congress is a hurdle”
Biden sells G-7 on global government, but U.S. Congress is a hurdle for now
There, fixed it
> How many countries in the G7 even have a corporate tax rate below 15% anyway ? <
If this scheme goes though, 15% will just be the start. It gets the camel’s nose in the tent, so to speak.
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