California and New York have effectively succumbed to single party Democrat rule. This has predictably resulted in stratospheric taxation and smothering regulation, which in turn have predictably resulted in productive people leaving for freer states. Now that Democrats are only one bill (i.e., HR1) away from imposing single party rule nationwide, what is to stop wealth producers from leaving for freer countries? Treasury Secretary Janet Yellen has the answer: a global minimum corporate tax rate.
Trump got the economy roaring by lowering the corporate tax rate to 21%. We had the healthiest economy in history. Then came the double whammy of Covid followed by Biden, who wants to raise the rate to 28% to defray the cost of his ongoing looting spree. The average corporate rate in the G7 is 24%, so this will make the USA uncompetitive. No worries; Democrats have a single solution to every problem: more government.
Why should the Biden’s Handlers Administration be content to lower the standard of living on behalf of Big Government only in the USA, when with a little arm-twisting it can accomplish this worldwide?
Yellen wants to shower the extra wealth expropriated upon the corrupt dictators running Third World countries and waste it on green posturing in the name of the global warming hoax.
“Over the last four years, we have seen first-hand what happens when America steps back from the global stage,” Yellen said. “‘America first’ must never mean ‘America alone.’”
America First is behind us for now. Until we get out from under Democrat rule, the USA is just another country, on its way down. Rather than competing to stay ahead of other nations, we will try to hobble them so they can’t race ahead of us.
Germany supports the plan and believes that more than 140 countries will agree to it. You might call it price fixing for greedy governments.
Good thing we have SpaceX. To escape excessive taxation, businesses may have to relocate to outer space.
On a tip from ABC of the ANC.
The post Janet Yellen Pushes Global Minimum Corporate Tax Rate appeared first on Moonbattery.
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