Biden Administration Calling for GLOBAL Minimum Tax Rate
Last week, Biden administration official Pete Buttigieg "floated" the idea of a mileage tax. We'll call it a trial balloon. Buttigieg floated the idea of taxing Americans by the mile. The trial balloon was quickly popped as a horrible idea. Let's hope this is another soon-to-be failed trial balloon. Biden's treasury secretary, Janet Yellen, is expected to call for a minimum GLOBAL corporate tax rate. Meaning, every country would agree to keep taxes at a certain rate and NOT cut them lower.
Axios released some excerpts from Yellen's speech to the Chicago Council on Global Affairs on Monday.
"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."
"We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom."
What the minimum will be isn't clear. Right now, it's just a horrible idea with few details. I'm not sure if I can tack an -ism after the word "global" and still have this viewed on Facebook. Though, there HAVE been concerns about the pandemic and a "reset." That's not me saying so. That's G20 member and Canadian Prime Minister Justin Trudeau saying so. This idea reeks of it as well.
Biden wants to hike America's corporate tax rate from 21% to 28%, so one can assume 28% would be the barest minimum. Compare that to Donald Trump lowering the corporate tax rate from 35% to 21%, helping create the "greatest jobs numbers of our lives." If the Biden admin's global plans come to fruition, that means taxes can never be lowered again? What if Europe wants to increase it to 35%? Is America expected to follow, while China and India ignore it like they do with the Paris accord? Details matter. This is still a horrible idea. But with details, it's at least a horrible idea where we can point to the details as to why.
Biden campaigned on a number of issues, like illegal immigration and killing the Keystone pipeline, that his supporters should have paid more attention to. But he never campaigned on a batsh!t crazy idea like this, where other countries are going to dictate American fiscal policy.
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