The Biden administration proposed a global tax on multinational corporations of at least 15 percent in the latest round of international tax negotiations.
The Biden administration is proposing a global minimum tax of at least 15%. He claims it will level the playing field. However, the Treasury Department said that 15% is just the starting point and they will push for that rate to be higher, CBS News reports.
Once it’s in, it will be under global control and will never go away. Biden is selling out American companies and American workers. A tax like this on corporations is a tax on Americans. Prices will go up and workers will lose jobs, maybe not much at first, but in the near future.
The initial proposal comes as officials with the Treasury’s Office of Tax Policy participated in meetings with officials from 24 nations over the last two days as part of the Organization for Economic Cooperation and Development’s international tax negotiations.
Treasury Secretary Yellen wants it to ward off the ‘race to the bottom” that is allegedly eating away at government revenues [taxes].
Treasury Department officials said the administration was “heartened” by the reception of its proposal.
Of course, they like anything that sells out America. Right now, the Biden Administration is trying to make it look attractive by cutting the infrastructure bill to one trillion and cutting the corporate taxes. That is how important this Trojan Horse is to the hard-left.
A comprehensive agreement to set a global minimum tax is one of the provisions in the administration’s Made in America Tax Plan, which includes a series of tax provisions that, if implemented, would cover the cost of the president’s more than $2 trillion infrastructure package, known as the American Jobs Plan.
A global minimum tax set at 15% would be lower than what the Biden administration is pushing as a new U.S. corporate tax rate and what it has proposed as the minimum tax on U.S. multinational corporations.
As part of his tax plan, the president has called for increasing the corporate tax rate to 28%, up from its current 21%. With the increase, officials have argued it would return the rate to historic norms while keeping it below the 35% rate which was in place before the passage of President Trump 2017 tax cuts. At the same time, the proposal calls for raising the minimum tax on U.S. multinational corporations from 10.5% to 21%, which would be calculated on a country-by-country basis.
The problem is it is a new tax with a new ideology and it sets a terrible precedent. They will increase it easily once it’s in place.
The Treasury Department said during this week’s negotiations, it expressed its belief that they need to create an environment where countries work together to maintain their tax bases and ensure the system is equitable. It said the current global tax rate — essentially set at zero percent — undermines countries’ ability to raise the revenue necessary to make critical investments, CBS writes.
In other words, Biden is selling us out to globalism when we do so much better as an independent, sovereign nation. These other nations want to hurt us. It’s neo-communism. They will control all the corporations and their money.
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