Will There Be a Global Corporate Tax Rate?
Treasury Secretary Janet Yellen is working with G20 nations to establish a global minimum corporate tax rate.
The proposal is designed to keep American corporations from fleeing the country when President Joe Biden raises taxes to pay for his $2 trillion infrastructure plan. This is a stark departure from our former president, who incentivized companies to stay in the United States by lowering the corporate tax rate.
Biden’s infrastructure plan and tax proposal lack support from Republicans. So, Democrats are planning to use the budget reconciliation process to approve both with a simple majority vote.
“Competitiveness is about more than how US-headquartered companies fare against other companies in global merger and acquisition bids,” said Yellen during a speech to the Chicago Council on Global Affairs. A global minimum will “end the pressures of tax competition” and ensure that governments “have stable tax systems that raise sufficient revenues in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
Biden’s infrastructure plan calls for a 28% corporate tax rate within the United States. It also calls for a 21% minimum global corporate tax rate. But it is unclear how many countries he expects to persuade. Nations that refuse to implement the minimum corporate rate will no longer quality for exemptions on income.
The minimum rate for foreign profits from American companies will also increase from 10.5% to 21%.
Author’s Note: This is a dangerous idea that smacks of socialism. It will bring nothing but harm to the United States. On top of that, what business do we have dictating the corporate tax rate in other countries?
Sources:
Yellen Says Global Minimum Tax Needed
Exclusive: Janet Yellen to call for global minimum tax rate
Yellen pledges US international cooperation, calls for global minimum tax
Someone NEEDS to inform BIDEN that he is not the RULER of the whole WORLD. Talk about a DICTATOR!!!! I hope those few Million that actually voted for this are very happy!!!!!
Okay I just posted a comment, with no obscenities or anything bad and of course it’s not on here, SO WHY HAVE A COMMENT SECTION??????
SOCIALISM IS THE OTHER WORD FOR COMMUNISM AND BIDEN AND THE NEW COMMUNIST PARTY ARE GOING GLOBAL, I JUST HOPE EUROPE KNOWS BETTER BUT I DON’T HOLD MUCH HOPE SINCE BRITAIN AND CANADA ARE ALREADY THERE AND A FEW OTHERS SO THIS IS THE ONE WORLD GOVERNMENT MOVEMENT AND WE HAD MILLIONS IN THIS COUNTRY WHO VOTED FOR TOTAL CONTROL OF THEIR LIVES BY BIDEN, AOC, WARREN KAMALA SCHUMER AND ALL THE OTHER MORON TRAITORS, OUR FOUNDING FATHERS ARE ROLLING OVER IN THEIR GRAVES AND SO ARE ALL OF OUR FIGHTING MEN AND WOMEN WHO GAVE THEIR LIVES FOR THIS ONCE GREAT CONSTITUTIONAL REPUBLIC. GOODBYE AMERICA REST IN PEACE !! ARM YOURSELVES THEY ARE COMING AND YOU NEED TO BE READY !! RUSSIA , CHINA AND NORTH KOREA ARE SALIVATING OVER WHAT PREMIERE BIDEN IS DOING TO US, ONCE BIDEN TRIES TO GET OUR GUNS THEY WILL CHARGE INTO AMERICA AND KILL ALL OF THESE IDIOTS AND WE WILL HAVE GONE FULL CIRCLE !! WECOME TO THE UNITED COMMUNIST STATES OF AMERICA!!!!! VIETNAM VET 67-68
Vet,
Socialism is NOT another name for communism. They are two distinct ideologies.
Canada, Britain , the Nordic States and other democratic socialist Countries seem to be doing fine.
Now if we could only stay out of unnecessary wars, we might get ahead.
Alice,
You left out the part of the story that indicates that many other Nation’s including a majority of the EU brought this idea to trump while he was President with no success. Either you aren’t educated on the entire story or are purposely trying to mislead your readers. I’m not sure which is worse.
This is NOT Biden’s idea, the World brought the idea to him. The world is clamoring for some sort of balance, this is a step in the right direction.
Hey Alice, not to long ago you wrote an article entitled something like ,” Democrats very quiet on Cuomo allegations”. Even at a time when there were MANY democratic figures calling for his resignation.
I can’t help but notice that your columns are strangely devoid any condemnation of Matt Gaetz. Funny how that works huh?
I guess Q followers were right about child sex traffickers in our Government.