Around 130 countries have agreed on the basic principles of a worldwide standardization of tax rates for companies. The details aren’t worked out.
The plan also includes all sorts of exceptions and carve-outs for China and other nations, not the US.
THE WORLD CAN TAX US NOW
Around 130 countries have agreed on a global minimum tax for international companies. The countries participating in the agreement account for around 90 percent of global economic output, the Organization for Economic Cooperation and Development (OECD) said on Thursday.
Federal Finance Minister Olaf Scholz (SPD) sees the agreement as “colossal progress” on the way to more tax justice. Tax justice is just an excuse for Marxist taxation.
He spoke of an “actual, really massive change that we will see for the next few years and decades.” The tax race to the bottom was over, he said in Washington.
US President Joe Biden[Bama] said a global deal was now within reach that would put an end to the race for the lowest tax rates. Corporations could no longer play the countries off against each other in order to increase their profits at the expense of taxpayers. The agreement will therefore also make it possible to use the additional tax revenue to make important investments in order to remain competitive, said Biden.
CRITICS RESPOND
This is never how taxation works. This move seems to eliminate competitiveness with foreign nations.
Senator John Barrasso, who chairs the Senate Republican Conference, said: “It’s wrong for the United States.
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“It’s going to be anti-competitive, anti-US, harmful for us as we try to continue to grow the economy and certainly at a time when we’re coming out of a pandemic.”
It Is Wealth Redistribution
It is wealth redistribution. Taxation should be a sovereign issue, not something we turn over to the world that hates us.
Republican Senator Pat Toomey, who sits on the Finance Committee, said the deal would drain tax revenues away from the US Treasury to other countries, urging Democrats not “to subject the American economy to this kind of misery.”
“There will be no Republican support for this, and they’ll have to do this on a party-line vote. That needs to fail,” Sen Toomey told Fox Business Network.
He believes Democrats could push through the tax changes with only Democratic votes, without a treaty, but added that would require the United States to “surrender” and agree not to oppose changes imposed by other countries.
Landmark Marxism
In the landmark agreement, G7 finance ministers agreed to pursue a global minimum tax rate of at least 15 percent and to allow market countries to tax up to 20 percent of the excess profits – above a 10 percent margin – of around 100 large, high-profit companies.
Treasury Secretary Janet Yellen hailed the “significant, unprecedented commitment” as a move that would end what she called a race to the bottom on global taxation.
The CCP Is All For It
The OECD said, “The framework concept modernizes central elements of the now hundred-year-old international tax system, which no longer meets the requirements of the globalized and digitized economy of the 21st century.” According to reports, China, the world’s second-largest economy, has also agreed to the agreement.
Anything China likes is a bad idea. They are a neo-totalitarian nation that wants to control the world.
US Treasury Secretary Janet Yellen, a globalist, spoke of a “historic day” for economic diplomacy. So far, countries have undercut each other in dealing with the corporations. “No country won this race,” Yellen explained. On the one hand, lower tax rates did not attract any new business. On the other hand, these low rates also deprived countries of the funds for important investments in infrastructure, education, and the fight against the pandemic.
The problem exists but is this the solution?
OPINION
It’s a Trojan Horse.
This is very concerning on every level. It is another tax (15% for now) that will filter down to the common man and woman. The corporations will not take too much of a hit, but the peasants will.
By the way, has the Joe Bama administration done a thing about our drugs being made in China? The answer is ‘no,’ and he won’t.
This appears to be nothing more than a hidden tax on us. On that will keep growing quickly as Janet Yellen has promised as if that is a good thing. We believe it will kill small businesses and the free market.
The tax will be used for nonsense like the climate, It will be in the hands of untrustworthy imbeciles who want power.
Our American leadership is very stupid, blinded by ideology. The Left has all the vehicles of communication under control. If you check the media and social media, it’s all completely one-sided. Naturally, it is in favor of ceding taxation to the global authoritarians.
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