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Last Friday, in a triumph for transnationalism, 136 nations, including the U.S., agreed to mandate a global corporate income tax for all nations that will not be allowed to fall below 15%."Virtually the entire global economy has decided to end the race to the bottom on corporate taxation," said Treasury Secretary Janet Yellen, who negotiated the pact.Betraying a nervousness as to how such a minimum corporate tax, dictated by globalists, will be received in Congress, Yellen urged that it be adopted "swiftly." Yellen is right to be nervous.The tax proposal is a giant leap forward toward a globalism that America...

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...

Nine countries have refused to sign onto an international tax reform framework that includes a 15 percent global minimum corporate tax pushed by the Biden administration as a way to reduce international tax arbitrage by U.S. multinationals and blunt the impact of President Joe Biden’s proposed domestic corporate tax hike. While officials from 130 out of 139 countries in the so-called OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting agreed last week to establish the new framework, Ireland, Estonia, Hungary, Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria, and Kenya did not sign the agreement. Irish Finance...

Following reports that an agreement between the G-7 and the White House on a global minimum corporate tax rate is almost ready, Ireland - which isn't a G-7 member, but is a member of the OECD and the EU, and therefore must also assent to these changes - is speaking out against a new minimum level agreed to by the White House.According to Sky News, Ireland has no plans to increase its 12.5% corporate tax rate, which is already one of the lowest in the developed world, and which has been a tremendous boon for its economy. The latest iteration...

The president seemingly lost a major fight Monday when the Senate shot down his "Buffett Rule" minimum tax for the wealthy, one of his signature issues and what promises to be a central plank of his reelection campaign. Or did he lose? ...

WASHINGTON — President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials. With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid. Mr....

Senate Majority Leader Harry Reid (D-Nev.) on Tuesday shot down a Republican attempt to pressure the chamber into supporting a tax package and Alternative Minimum Tax patch this month, saying the provisions must first be funded. Reid spokesman Jim Manley responded to a letter from Minority Leader Mitch McConnell (R-Ky.) and ranking Finance Committee member Chuck Grassley (R-Iowa), who had written Reid to press for action on those ideas before Congress’s next recess in August. “Sen. Reid shares the desire to complete work on the tax extender/energy tax incentives bill before the August recess,” Manley said. “However, it is puzzling...

WASHINGTON - The House's top tax writer introduced a bill Thursday that would allow the alternative minimum tax to hit millions more taxpayers next year. House Ways and Means Committee Chairman Bill Thomas opted to use tax cuts allotted in the GOP's budget to extend tax cuts for capital gains and dividends for two years instead of holding back the alternative minimum tax. Thomas, R-Calif., said last week that preventing the alternative minimum tax, or AMT, from spreading deeper into the middle class next year could drain the energy from efforts to overhaul the nation's tax laws. "Might it not...

We've all heard about the Alternative Minimum Tax, or at least most of us will sooner or later. That convoluted scheme to ensure we can't use deductions to avoid paying our "fair" share is predicted to ensnare a record 12.3 million taxpayers next year, and between one-quarter and one-third of all filers by 2010. But the disclosure that Teresa Heinz Kerry paid a federal tax rate of only 12.4% on her income in 2003 has given us a different idea. How about a Kerry Maximum Tax? That is, no taxpayer should have to pay a larger share of his income...

<p>WASHINGTON — Some days, Nina Doherty worries that the Internal Revenue Service is going to seize her house. She owes them over $100,000 because of the alternative minimum tax, known as the AMT.</p> <p>"The IRS has sent me a letter more than once saying that they may put a lien on my house so that's certainly a possibility," Doherty said.</p>