Biden Wants a Global Minimum Tax to Offset His Proposed Huge Corporate Tax Increase

In the classic 1939 film, The Roaring Twenties, a desperate James Cagney tells Priscilla Lane, "You want the Brooklyn Bridge, all you gotta do is ask for it. If I can't buy it, I'll steal it." Like a desperate lovesick puppy trying to force the object of his affection to fall in love with him, President Joe Biden has promised the American people the Brooklyn Bridge, relying on an elixir of higher taxes to carry out his plans.

Recently, Treasury Secretary Janet Yellen unveiled a new proposal to implement a global minimum tax on corporations to prevent these vast businesses from shopping around for the lowest rate.

This would be in addition to raising the corporate tax rate to 28%. Because much of Biden's spending plans depend on fleecing more from the private sector, corporations fleeing the United States for greener pastures would forge a significant gap in his big-government scheme.

Speaking in an interview with Fox News Sunday, Council of Economic Advisers Chair Cecilia Rouse advanced a global minimum tax to counteract the proposed hike.

"President Biden is really saying, 'Look, everybody should pay their fair share.' Yes, internationally we don't want to be disadvantaged, so he's also working with other countries so that we have a minimum tax internationally so there's not a race to the bottom."

Would these multinational juggernauts be content with a compromise of suspending a tax increase in exchange for a global minimum rate?

Tax the rich may be great bumper-sticker economics, but this progressive nostrum is devoid of reality.

https://mises.org/wire/biden-wants-global-minimum-tax-offset-his-proposed-huge-corporate-tax-increase