Posted on 10/12/2021 11:02:06 AM PDT by SeekAndFind
Last Friday, in a triumph for transnationalism, 136 nations, including the U.S., agreed to mandate a global corporate income tax for all nations that will not be allowed to fall below 15%.
"Virtually the entire global economy has decided to end the race to the bottom on corporate taxation," said Treasury Secretary Janet Yellen, who negotiated the pact.
Betraying a nervousness as to how such a minimum corporate tax, dictated by globalists, will be received in Congress, Yellen urged that it be adopted "swiftly." Yellen is right to be nervous.
The tax proposal is a giant leap forward toward a globalism that America has rejected, and its defeat should be made a priority of libertarians, conservatives, populists and nationalists alike.
What is this "race to the bottom" that so terrifies Yellen and her globalist allies? Simply the worldwide competition of independent nations to offer lower tax rates to entice successful companies to relocate to their shores and bring their jobs with them.
Yellen's "race to the bottom" is as American as apple pie.
High tax rates, corporate and personal, in states such as New York, New Jersey, Illinois and California have proven to be incentives to companies to pick up and relocate to low-tax states such as Texas and Florida.
That 15% global corporate tax rate is designed to prevent this competitive taxation, the beneficiaries of which are companies that have moved to countries such as Ireland, which has a corporate tax rate of 12.5%. The Irish corporate tax rate is less than half of the 28% Yellen and President Joe Biden have in mind to impose on the USA.
Why would free-market and free-enterprise Republicans vote to lock into U.S. law a corporate tax rate dictated by agents of the New World Order?
To sign on to this 15% minimum tax would be to surrender our freedom of action to set our own tax rates in accordance with the values and beliefs of the party and administration the people vote into power.
Why would a great nation, especially this nation, agree to give up its freedom of action and have its surrender written into its national law and ratified by treaty?
Why forfeit a sovereign right to cut corporate taxes when and to whatever level we wish? Why deny ourselves a competitive advantage that can be gained by unilaterally cutting corporate tax rates?
Assume the rest of the world embraces this minimum corporate tax of 15% and the U.S. -- to recapture and restore a manufacturing base we gave away to China -- answered the world with a corporate tax rate of 7% or 8%.
Transnational companies would beat a path back to America's door.
While globalists might be appalled, why would nationalists give up irrevocably the freedom to act?
In the Trump era, a cut in the U.S. corporate tax rate to 21% helped to create one of the great booms of the modern era, before the pandemic struck in March 2020. Earlier that year, unemployment in all categories was at record lows.
As Ronald Reagan taught, corporations do not pay taxes; they collect them. They get them out of the revenue they receive from the customers who buy their products and services.
The corporate taxes of Ford and General Motors come out of the prices that are charged to buyers of Ford and GM cars and trucks.
And the corporate profits are a primary source of higher wages and salaries, bonuses, and the investment capital companies need to grow and create new jobs.
It is an article of faith among Republicans that lower taxes, personal and corporate, generate greater economic activity and prosperity. And that tax hikes are the ways and means by which rapacious governments consume the seed corn of an economy.
A second provision to which the 136 nations agreed is to have the profits of the world's largest corporations reallocated to the countries where their goods are sold and services are provided, not to the countries where they are located.
"Under the agreement," The New York Times writes, "technology giants like Amazon, Facebook and other big global businesses will be required to pay taxes in countries where their goods or services are sold, even if they have no physical presence there."
Adds the Times: "The separate tax aimed at the technology giants will reallocate more than $125 billion of profits from the home countries of the 100 most profitable firms in the world to the markets where they operate."
Why would an America First party inside the USA, home country to more tech giants than any other, sign on to a plan that would transfer tax revenue away from the U.S. Treasury into the exchequers of foreign lands?
The GOP should use this moment to re-declare our independence when it comes to our internal taxation on individuals and institutions in the United States, and reassert that we will decide the proper rates here, and not subject to the veto of any other nation. The U.S. is not the EU.
The tax proposal is a giant leap forward toward a globalism that America has rejected
Only in words, if at all. America is happy to lead the way. Congress funds globalist / government system "how to" activity worldwide. Not as colonizers, but thinking instead of "when globalism arrives, we'll be in charge."
Just a handful in Congress voice objection. One way or the other, my point of view (informed by the Bible) is that the globalists eventually get their way - but only on earth.
Pat B was the precursor to Trump, but without a $Billion in his back pocket nor support for Israel.
Since Yellen isn’t really an American, she doesn’t think this way.
As a “citizen of the world” - i.e., a globalist - she works for everyone else’s country...not ours.
The question is, why would anyone put such a person in charge of their economy?
RE: Since Yellen isn’t really an American, she doesn’t think this way.
Where are you getting this piece of information?
Not as colonizers, but thinking instead of “when globalism arrives, we’ll be in charge.”
***Good writing. ✍️
Most of the elected Republicans are globalists.
If we want to keep our country we will have to elect new Republicans.
Everything the Democrats do is punitive to the common people.
These are the LAST people who should be in charge of anything.
A long time ago, it used to be an article of faith among Republicans that lower taxes, personal and corporate, generate greater economic activity and prosperity.
The GOPers will eventually cave to this globalist tax as part of the usual political debacle referred to as "compromise"...
The ultimate remedy for unconstitutionally big, alleged election-stealing, Democratic Party-pirated federal and state governments oppressing everybody under their boots...
Consider that all the states can effectively “secede” from the unconstitutionally big federal government by doing the following.
Patriots need to primary federal and state elected officials who don't send voters email ASAP that clearly promises to do the following.
Federal and state lawmakers need to promise in their emails to introduce resolutions no later than 100 days after start of new legislative sessions that proposes an amendment to the Constitution to the states, the amendment limited to repealing the 16th and ill-conceived 17th Amendments.
Insights welcome.
Pat was right and GHWB turned out to be disastrous.
I voted for Pat in the primary.
Wish I had not held my nose for Daddy Bush or his idiot son.
its called price fixing and between two or more competing businesses, this is illegal.
repealing 16 & 17 is a good start
we need to reverse the trend towards the feudal states of America
Well, you tell me: do you think that a first generation person who advocates world domination over American interests is an “American”?
Think her loyalties lie elsewhere.
“136 nations, including the U.S., agreed to mandate a global corporate income tax for all nations”
Doesn’t each country’s government have to approve that law within its own country.
RE: Doesn’t each country’s government have to approve that law within its own country.
Let’s start witg our own country first. Did Congress approve this?
It used to be said after WWII that the US could have conquered the world if we wanted to but instead decided to help rebuild the world.
I’m starting to wonder if our political elites (in alliance with Europe’s elites) didn’t decide to try and conqueror the world using another method. (Globalism).
At the end of the day this system is hurting and changing America forever.
No.
Internationalist communists do not think of themselves as American. Their ideology literally wants world rule and to eventually get rid of national borders under their dominion. The Communist Manifesto proudly proclaims that their intent is “to abolish countries and nationality … The working men have no country”.
Bungle Bidumb’s got his filthy hands on our tax dollars.
The only ones getting rich are the greedy Biden Crime Family ....... and their collaborators.
The art gallery showing Hunter’s “art” got $580,000.00 tax dollars, including federal Paycheck Protection monies.......the gallery has only two employees.
No big deal, right?
After all, Ivanka’s clothing shop was mentioned in public by the White House press Secretary. THAT was a criminal act!
The Rasmussen Reports daily Presidential Tracking Poll, sponsored by The ANTIFA by Jack Posobiec, for Tuesday shows that 41% of Likely U.S. Voters approve of President Biden’s job performance. Fifty-seven percent (57%) disapprove.
The latest figures include 20% who Strongly Approve of the job Biden is doing and 50% who Strongly Disapprove. This gives him a Presidential Approval Index rating of -30.
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