Treasury Secretary Janet Yellen announced on Monday that the Biden administration is pushing for a socialistic global minimum corporate tax to “stop the race to the bottom” amid efforts to finance the president’s massive infrastructure plan.
Yellen spoke of ending the global 30-year “race-to-the-bottom” on corporate tax rates and that the Biden administration aims to do that by working with other countries in the G20 to craft a global minimum tax rate. She also spoke on creating a “level playing field” and that we all have to give our fair share to make sure the government is properly funded. The tax proposal is the centerpiece of Biden’s American Jobs Plan.
“Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations and spurs innovation, growth, and prosperity,” Yellen stated during a virtual event hosted by the Chicago Council on Global Affairs.
The announcement from Yellen coincides with the beginning of the World Bank and the International Monetary Fund’s spring confabs. It also comes as rumors of a “Great Reset” surface and begin to swirl.
(Video Credit: Reuters)
The World Economic Forum states the following: “To achieve a better outcome, the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a “Great Reset” of capitalism.”
A global corporate tax is ostensibly part of that goal.
According to Biden, proposed corporate tax changes could raise in excess of $2 trillion over 15 years to pay for his infrastructure plan. Corporate tax rates will spike from 21 percent to 28 percent. The minimum tax on corporations’ foreign earnings will jump to 21 percent and they will be actively blocked from relocating overseas using taxation as a throttling weapon, which in effect will put the federal government in control of U.S. corporations.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen declared. “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.” Many contend that is wealth redistribution and the very definition of socialism.
The plan revamps a flawed corporate tax code that incentivizes offshoring, & instead rewards companies that invest in American workers.
It ends the global race to the bottom for lower and lower corporate tax rates.
It also builds towards the most state of the art infrastructure.
— Secretary Janet Yellen (@SecYellen) April 1, 2021
The G20 has reportedly set a deadline in July to reach a consensus on the international tax issues being discussed. Some countries may balk at the plan according to a Treasury official.
Yellen also put forth a number of global cooperation priorities that include “addressing climate change, fighting inequality, working with partners to advance the global economic recovery from the pandemic, and making sure the world’s poorest countries have access to vaccines and financing,” CBS News reported.
“Over the last four years, we have seen firsthand what happens when America steps back from the global stage,” Yellen stated, promoting unabashed globalism. “America first must never mean America alone.”
She laughed off the threat of inflation. “I strongly doubt that it’s going to cause inflationary pressures,” Yellen stated in reference to Biden’s infrastructure proposal. “The problem for a very long time has been inflation that’s too low, not inflation that’s too high.” Yellen is also pushing spending on climate change for all she’s worth.
Sen. Pat Toomey (R-PA) noted that Yellen’s proposal was unlikely to take hold overseas. He also warned that Republicans will reverse any corporate tax hike when they regain their congressional majority in upcoming elections.
“Spoiler alert: This effort will likely fail and even if there is some sort of agreement, it will be non-binding because it is not a treaty,” Toomey proclaimed.
Many saw this as yet another alarming anti-capitalist move by the Biden administration and elitists in the extreme:
Owning the globalist mantle like a boss.
“Janet Yellen to call for global minimum tax rate in first major address as Treasury secretary” https://t.co/DySmToFX85
— Jason Miller (@JasonMillerinDC) April 5, 2021
Call this what it really is: A grab for more centralized power to the same elite who appear almost addicted to making the lives of normal people worse. I also can guarantee that a tax haven will still exist for the elite to stash their loot. https://t.co/OHtrV5aqLV
— Robby Starbuck (@robbystarbuck) April 5, 2021
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