The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.
~ Thomas Jefferson
Academic fool, Treasury Secretary Janet Yellen on Monday will make the case for a global minimum tax rate. This is as she is pushing President Biden to increase levies on U.S. corporations in order to fund his $2.25 trillion [Part I, there is an equally bad Part II coming in two weeks] spending proposal, according to Axios.
In a speech to the Chicago Council on Global Affairs, Yellen will call for global coordination on taxes paid by multinational corporations. This is part of an effort to crack down on companies that relocate in search of lower rates.
She must be stupid. They will just pull out of the U. S. completely. Does she think for one minute that Ireland will raise their taxes and discourage U.S. companies from moving their operations there? Why is it every ship is registered in Panama and none fly U.S. flags?
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen will say, according to an excerpt of her speech obtained by Axios. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
Biden is also exploring raising the global minimum tax on U.S. corporations to 21% from about 13%.
This is as Capital Gains and other taxes are raised on small businesses and corporations which will mean fewer jobs and higher taxes on the middle class. The Left hates small businesses since they are the backbone of capitalism.
They are getting us ready for The Great Reset.
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“We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” she said.
These leftists in power in the U.S. want to make the U.S. less competitive.
In 2012, Biden suggested a global minimum tax on overseas profits and he was willing to give the UN the power to collect and disseminate the funds. George Soros’ Center for American Progress wants a UN global tax for the climate. The U.N. also wants a tax on international financial transactions. Pope Francis has called for a global tax to fund the faux global warming crisis. There will be no end to taxation.
How long before all of us have to pay a global minimum tax? It has been discussed.
What could go wrong?
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