“U.S. Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate to end a “30-year race to the bottom on corporate tax rates.”
The global minimum tax is a key pillar of President Joe Biden’s $2 trillion infrastructure spending plan, which calls for an increase in the U.S. corporate tax rate to 28%.
Without a global minimum, the United States would again be at a disadvantage to a number of other major economies with lower tax rates, tax experts say, with U.S. commitment helping to jump start negotiations for a tax deal among a number of major economies.
Yellen, speaking to the Chicago Council on Global Affairs, said she also would use her participation in International Monetary Fund and World Bank annual meetings this week to advance discussions on climate change, improve vaccine access, and encourage countries to support a strong global recovery.” Newsmax
Comment: As Larry Kudlow said yesterday, why on earth would Yellin or any of the other fantasists among the Bidonians believe that countries will screw themselves by agreeing to have artificially high and non-competitive corporate income taxes in order to make life easy and the road to socialism straight for the Democrat/Marxist coalition now ruling the United states? Why would they do that? pl
https://www.newsmax.com/finance/streettalk/yellen-global-minimum-tax-pandemic/2021/04/05/id/1016392/
Ho-hum
https://infrastructurereportcard.org/wp-content/uploads/2020/12/National_IRC_2021-report.pdf
Announced 2 trillions are not even 50% of the bare minimum amount (see the last table). I understand that this is one big corruption scheme with the contracts going to the “right” people as a way to say “thank you for electing Biden”. Sooooo… SIGAR report for America when?
Nothing more than one huge taxpayer-funded Democrat Party slush fund. This is not who we are.
Yellen will finish her speech asking all gathered to join her in singing Kumbiyah. I expect the silence to be deafening.
Earth to Yellen, there is a critical mass on this planet who is quite happy to see America race to the bottom. Trump got it. You and Biden do not.
Though in fact we all sink or swim together, such is the modern web of life. You tweak at the edges for momentary advantage, but remain flexible in face of backlash. You will never succeed in unilateral Grand Schemes.
How many more days until 2022?
They just brazenly think they can force their own way down everybody elses’ throats. After all, they are only in because they managed to stuff the ballot boxes and get the courts to refuse to examine the evidence. They also have a sort of Goebbels style propaganda control of the main media, and the “social media” acts as a fascist style propaganda filter which guarantees their long term dominance if a way is not found around it. Perhaps hackers have to get in there and start undermining it. Their policies on medicofascism and the sabre rattling against Russia certainly show a contempt for liberty and anybody not fully under their control.
Great. The World Bank and the IMF, who, by the way, pay no taxes are all for this. The inept, deluded clowns running Biden don’t realize they’re regarded by much of the world as a bad joke.
I wonder if there’s anything the Biden administration is willing to give away to sweeten the deal? What could the possibilities be to induce other countries to comply?
“The new Treasury chief said it was important to “end the pressures of tax competition” and make sure governments “have stable tax systems that raise sufficient revenues in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
Which states in the Union does she think should have higher taxes to support NY and CA? Oh, its those foreign nations that must be supported, yet again, for yet more ‘investment’, paid for by America (and allegedly other Western industrial nations) because – checks US Constitution – ah, the President’s appointee says so? I wonder what the Senate has to say on consenting to this non-treaty by the Treasury department on setting US foreign policy by executive fiat.
Forgetten also is the outrage from the left of the Orange Man demanding NATO member states adhere to their own treaty commitments to spending their own monies on their own defense. I’m sure they’ll actually tax their own people to pay for all this graft, I mean ‘foreign investment’; because which country on Earth wants to invest in their own people?
Good luck getting the Duma to go along with that!
I’m sure Europe will go along with it. After all, if they’re willing to risk nuclear war on their own territory then this is small beer by comparison. China and India on the other hand …
I used to think that the people who were fulminating about a “world government conspiracy” were nuts. “Out of the mouths of babes and idiots.”
Economic imperialism has been a bipartisan affair since the 1850s when the destiny that was manifest first appeared beyond the Rio Grande and over the Pacific horizon. See Walter LaFeber’s “The New Empire: An Interpretation of American Expansion, 1860-1898.”
https://www.goodreads.com/book/show/302792.The_New_Empire?ac=1&from_search=true&qid=vWQ17JsJ2h&rank=2
For more recent time check out the video linked belowof a 45 minute talk by Michael Hudson in January on why he’s undertaking a 3rd edition of “Superimperialism.” It includes a few minute introduction and 10+ minutes of Q & A.
video of a 45 minute talk by Hudson in January on why he’s undertaking a 3rd edition of “Superimperialism.” It includes a few minute introduction and 10+ minutes of Q & A.
https://www.youtube.com/watch?v=PtHX23Trvy4
I’m confused. Wasn’t a lower corporate tax rate one of the mechanisms used to entice US corporations to offshore manufacturing to other countries?
Sure, one amongst many factors (low wages, obviously), but a notable reason nonetheless.
In which case isn’t this a feature of the system, not a bug?
Seems a bit weak for the Biden administration to cry foul over it now, as if this was and unforeseeable consequence of globalization.
No, Joe, Janet. You may as well stand on the beach and and attempt to bend the tide to your will.
Yeah Right
You are easily confused. The Trump Administration’s policy was to lower US corporate tax rates to attract re-patriation of business and capital. We now have the Bidonian anti-business socialists.
Dementia Joe’s handlers going from failure to failure at an astonishing pace.
They couldn’t funk stuff up this bad if they were actually trying to.
Truly amazing in the worst possible way.
Even within the EU collection of big buddy countries they can’t agree common tax rates.
As a policy it doesn’t have a bat in Hells chance, in part due to everyone else recognising that as soon as it was in the interests of the US the change it, puff it would be gone.
Especially now that the World understands that the US, due in part to its political system, cannot be trusted to keep its agreements.