Ron Paul on G-7 endorsement of Global Minimum Tax

Campaign for Liberty Chairman Ron Paul issued the following statement regarding the agreement from the G-7 (the United States, Japan, United Kingdom, Germany, France, Italy, and Canada) to support a 15% “global minimum” corporate tax: “The explicit goal of those promoting a global minimum corporate tax is to limit tax competition, where countries compete to attract businesses by lowering corporate and other taxes. Tax competition may be bad for governments, but it is good for workers, consumers, and investors. In contrast, a global minimum corporate tax of any rate threatens liberty and prosperity. “A global minimum tax leaves businesses with less money to create new jobs, new products, and help grow the economy, while giving politicians more money to waste on war and welfare. President Biden’s intention to use the global minimum corporate tax to find ways to fund his so-called ‘infrastructure’ plan means much of the new revenue will be taken from businesses producing goods desired by consumers and given to businesses hoping to cash in on government schemes like the Green New Deal. History shows giving government power to pick winners and losers in the marketplace is a formula for economic disaster. “By making it harder to avoid taxes, the global minimum corporate tax will give politicians an incentive to increase corporate taxes. It will also give IRS bureaucrats new justification to harass politically disfavored corporations. The tax will also set a dangerous precedent that could be applied to income, sales, and other taxes. “Campaign for Liberty will work to mobilize pro-liberty Americans to demand Congress reject any plan to subject Americans to any form of global minimum taxes.”