(PresidentialWire.com)- Remember when President Donald Trump warned that raising corporate taxes would force businesses out of America? Well, it looks like President Joe Biden has found a way around that.
…by getting other countries to rally around a global minimum tax to stop businesses from leaving.
Doesn’t that sound kind of like a cartel?
Reports last week indicated that as many as 130 countries have issued statements in support of a new global minimum tax, effectively giving support to President Joe Biden’s plan to force businesses to pay more in tax to pay for his extremist spending bills.
The plans were reportedly originally discussed during the recent G7 summit, with other G7 leaders apparently on board with the plan. Biden is calling for a global minimum tax rate of 15% for any corporation headquartered in countries with the restriction in place.
Janet Yellen, the United States Treasury Secretary, has long supported the plan despite criticism that her plan would favor foreign businesses headquartered overseas.
On June 5, Yellen said that the Finance Ministers of the G7 nations made a “significant, unprecedented commitment” to achieve a “robust global minimum tax.”
She claimed that the plan would end the “race to the bottom” corporate tax system, and “ensure fairness.”
But in reality, it gives businesses fewer financial resources to be competitive, and less of an opportunity to compensate workers more. In exchange for that, Biden will have more money to spend on the Green New Deal and pushing Critical Race Theory in schools and the army.
Sounds like a terrible deal, doesn’t it?
This is bad news for America and for the other countries who are already on board. It raises questions for so-called “Conservative” British Prime Minister Boris Johnson who appears to be on board with the plan and also doesn’t do anything to stop businesses from being headquartered in countries that simply don’t get on board.
Those 130 countries could soon see a massive outflow of major corporations to tax havens ready to take their business at a lower tax rate…