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.
Or they don’t understand economics at all. They may even be trying to harm the country. You can choose.
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. It is essential to raise revenue to support 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.”
The Organization for Economic Cooperation and Development announced Friday that 136 countries, including the United States, had reached an agreement to a minimum global corporate tax rate at 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
The Wall Street Journal editorial board points out in its latest op-ed that there was bipartisan consensus prior to Biden that this was bad for American business. Board members note that this was done in order to give up the taxing power here and nail the corporate executives.
What’s the problem? 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.
This is how ignorant the White House is 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 simply shockingly ignorant.
Basic economics super unfair https://t.co/E3UYv0JiIZ
— Guy Benson (@guypbenson) September 28, 2021
Is she alive now because of tax increases in the past? 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. That’s it. 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. The global body would also be unable to allow us to function freely.
Not only that, but not everybody will be joining. This means that immediately the idea of a tax haven will fail, as those who do not join the corporation might eventually run it. The elite will never be without workarounds.
Yellen stated that she supports eliminating all debt limits. This means that we could have additional taxes but also spend as much as we want without restrictions.
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.