Steve R.
Retired
- Local time
- Yesterday, 23:30
- Joined
- Jul 5, 2006
- Messages
- 5,316
Biden, Yellen push to raise corporate taxes in U.S. and globally
President Biden on Monday defended his push to raise corporate taxes to pay for trillions of dollars in infrastructure spending, while Treasury Secretary Janet L. Yellen said she is working with G20 countries to create a global minimum tax that would discourage U.S. companies from moving...
www.washingtontimes.com
A taxing idea that has been floated for a while has finally risen to the level of being printed. "Ms. Yellen on Monday called for global coordination on an international tax rate that would apply to multinational corporations regardless of where their headquarters are located. She said such a global tax could halt the “thirty-year race to the bottom” in which countries have competed against each other by lowering their corporate tax rates, as the U.S. did under President Trump." So Biden wants to "impose" tax rates worldwide so that companies can't escape US taxation by moving to other countries.
This is arrogant insanity. Biden, when running for President, disingenuously spoke of bringing "America Back" as a world leader and that he would restore American prestige through diplomacy. Biden already struck out with the Chinese as they have already tossed Biden's claims that the US is a racist vile country back into our face. This pompous taxing proposal suggests that Biden will also bring back the arrogant imperialist "Ugly American" onto the world stage. The rest of the world is just going to just thumb their nose at us and ignore this supposed "suggestion".