Free Markets

Joe Biden's Fragile Global Minimum Tax Cartel

The Biden administration is expending a lot of time and energy to make the country more uncompetitive than ever.

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Governments voice displeasure when large institutions get together to fix prices—except when those institutions are governments colluding on tax rates. Competition might offer the public a range of choices, but politicians want to be able to dictate terms without competing themselves. At the end of the day, that lack of interest in appealing to the public is what's behind the push for an international cartel to impose a global minimum tax.

"By choosing to compete on taxes, we've neglected to compete on the skill of our workers and the strength of our infrastructure," U.S. Treasury Secretary Janet Yellen huffed in April. "It's a self-defeating competition, and neither President Biden nor I am interested in participating in it anymore. We want to change the game."

The game-changer the Biden administration has in mind is to raise the corporate tax rate from the current 21 percent to 28 percent. Since the higher rate would be well above the international average, more than triple Switzerland's 8.5 percent, and almost twice the 15 percent charged by Canada (Canadian provinces and Swiss cantons also impose additional taxes, just like U.S. states), that would seem to put the U.S. at a disadvantage relative to other countries. That is, the U.S. would be at a disadvantage unless it could convince other governments to stop competing and fix prices.

"Destructive tax competition will only end when enough major economies stop undercutting one another and agree to a global minimum tax," Yellen added.

Politicians in other industrialized countries also see advantage in cartelizing tax collection. Such a scheme would let them all hike the price of doing business without worrying that international companies would migrate to friendlier tax climates.

"Finance ministers from Group of Seven nations meeting in London on Friday are expected to back President Biden's call for a global minimum tax on corporate profits, giving him an early win in a grueling diplomatic campaign that is just beginning," the Washington Post reported this week.

Sign-off from the Group of Seven means that Canada, France, Germany, Italy, Japan, and the United Kingdom are on-board with the idea of a floor on tax rates. Finance ministers from wealthy nations delight in the idea of turning profitable international business ventures into a captive herd of milking cows—with the costs inevitably passed on to consumers with equally constrained choices.

But, if governments have been competing on tax rates, somebody must have been benefiting. Companies obviously like lower-tax regimes, but many countries have shouldered their way to prosperity by refraining from mugging successful businesses quite so vigorously as their neighbors.

"In the late Eighties some 1.2 million people worked in the economy, a figure little changed since the foundation of this State in 1922," The Irish Independent editorialized in 2004. "Currently, there are 1.8 million in employment, a 50 per cent increase in less than two decades. This expanded workforce now includes many who have returned from abroad to work here, who were forced to emigrate in the barren Eighties. The Ireland they left behind was a land of high tax, high unemployment, high debt, high emigration, one of low growth, little opportunity, and less hope. Today, one-third of immigrants are returning Irish nationals, and for many the Ireland of their homecoming is unrecognisable from the place they left, not least the low-tax regime that has released energy and enterprise, that has generated self-confidence, created jobs and helped raise living standards."

Ireland dragged itself from poverty by making itself a relatively welcoming place in which to do business. No wonder Paschal Donohoe, the country's finance minister, told global minimum tax fans to pound sand. He says that Ireland will keep its 12.5 percent rate for the foreseeable future.

Other countries saw Ireland's success and emulated it with low tax rates of their own. That's especially true in Eastern European countries that had to hustle to catch up with market-oriented economies after the collapse of Soviet bloc socialism. They, too, are unimpressed by tax cartel schemes.

"All over the world, we're seeing the pursuit of policies that are making it harder to reboot the global economy, such as the ones in favour of introducing a global minimum tax," warns Peter Szijjarto, minister of foreign affairs and trade in Hungary, where the corporate tax rate is 9 percent. "We won't accept any form of international pressure or regulation that would lead to tax increases in Hungary."

If the U.S. and other Group of Seven governments set a minimum tax without buy-in from the likes of Hungary and Ireland, they risk making those low-tax countries more competitive than ever. And those countries have little incentive to join the rush to a tax cartel since they built their prosperity with environments including low rates.

So, White House National Security Advisor Jake Sullivan may be a little premature when he boasts that "[t]he world is closer than ever before to a global minimum tax." That's true only if you define the world as developed economies that don't feel a need to offer attractive environments but would rather sit back and milk the herd.

True, many of the low-rate countries are small nations, potentially vulnerable to pressure or bribery from their larger neighbors. But these countries are already at odds with wealthy nations over other taxes and, in the case of Hungary, sometimes illiberal domestic policies. New friction might just prompt them to go their own way. Beyond those countries is an entire world trying to attract business and often resistant to arm-twisting.

"Along with opposition from corporate lobbyists, additional obstacles loom, including objections from low-tax countries such as Ireland as well as likely noncompliance from China and Russia," the Washington Post noted. "After more than three decades of factory offshoring, any global minimum levy also might only minimally reshape the map of global production and investment."

Perhaps recognizing that reality, the Biden administration dropped its target global minimum tax rate from 21 percent to 15 percent. That's likely to draw less opposition from competing governments, but it widens the gap between a global rate and the 28 percent with which the administration wants to sock American companies.

Ultimately, the U.S. government appears to be expending a lot of time and energy to set up a fragile tax cartel that leaves the country more uncompetitive than ever.

NEXT: Brickbat: What's Your Sign?

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  1. “U.S. Treasury Secretary Janet Yellen huffed in April. “It’s a self-defeating competition, and neither President Biden nor I am interested in participating in it anymore. We want to change the game.””

    You don’t dictate the rules of the game, Secretary Yellen. Competition among nations on tax policy exists whether you are interested in playing the game or not, like any other market. You just want to try to cheat.

    More evidence that Ayn Rand’s villain characters are all too realistic.

    1. Yelled had a comment the other day about the US being mired in spending like it is 2010. Of course this was the year of Stimulus and TARP. She used that year as an implication the US government spent too little. It was amazing how little she seemed to understand in that comparison. She is still chasing Keyenesian economics and will continue to do so no matter how many times it fails. The mythical multiplier greater than 1.

      1. Keynes himself said his spending should be “timely, temporary, and targeted”. No one who claims to be Keynesian has ever met a single one of those goals, let alone all three.

        1. Yeah while libertarians still love to hate on Keynes his policies are pretty conservative by today’s standards. Just shows how completely off the rails we’ve gone.

          1. Disagreed.
            The general publication of his policies never got around to the ‘corrective’ reduction of taxation after the response to the ’emergency’.
            It is, again, a failure of both the media and the gov’t schools.

            1. Isn’t that more a failing on the part of his followers? They listen to him when he advocates deficit spending during a recession but not when he advocates spending cuts and tax hikes during boom years.

              1. “Isn’t that more a failing on the part of his followers?…”

                Sorta, but it’s entirely too similar to the failure of Com’ism since no one could find “the new Soviet man”.
                If the theory requires an impossibility, that says something about the theory.

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    2. The TAX Unification Plan?

    3. Apparently, they don’t think their chattel is being used and disposed of properly. They are not getting maximum use out of us.

    4. This only shows what happens when you elect people WHO HAVE NEVER HELD A JOB (Emphasis only) in their lifetime. Being a politician Is Not a Job, I they are a drain on taxpayers & their money! Therefore, they have ZERO clue as to how what they do affects ordinary citizens or even whole countries!!!!!

  2. “uncompetitive”?!

    Biden’s economic policies are working just fine, thanks. How do I know this? Because America’s richest people are the world’s richest people. And they’re rapidly getting richer since Biden’s inauguration.

    13 of the top 20 richest people on the planet are in the US — including 8 of the top 10. That’s what Koch / Reason libertarianism is all about.

    I’ll start worrying about the economy again when Charles Koch has another year as bad as 2020, during which he lost $5 billion. But that’s extremely unlikely to happen with Biden, or any Democrat, in the White House.

    #InDefenseOfBillionaires

    1. Don’t forget the hordes of eager immigrants who also think that the US is far from uncompetitive. Clearly, they endorse lower corporate taxes.

    2. News said some frog overtook bezos a couple days ago.

  3. Trump: Who Should Play Donald J. Trump

    We all know there is going to be a Trump movie. Sooner or later, they are going to make a movie about him. Whether you like him or not, you have to admit, he’s at least one of the most interesting people in the world today. Let’s look at the timeline of his life. He started in real estate in New York in the 70’s and 80’s. That was at a time that the mafia controlled that industry. He created a golden boy businessman image in the 80’s. Donald Trump almost lost everything in the early 90’s with countless bad business deals and then he rebranded himself. Early 2000’s he’s on one of the most popular reality TV shows. In 2011 he jumps on the racially driven birther movement. This put Donald Trump in the spotlight of the world of politics. Then Jun 16th, 2015 Trump takes a ride on a golden escalator and forever changes the political landscape of the United States. After his ride he then goes on to have a very successful run at president, crushing every Republican or journalist in his way. In 2016 Trump is elected president of the United States of America and forever engraved into the history books of our country. In 2021 he may or may not have committed sedition. So, there is going to be a movie. Now, we just have one question to answer. Who is going to play Donald J. Trump in the movie?


    https://buzz.uni.edu/joehammill/the-donald-trump-movie/

    Suggestions include Alec Baldwin, Christian Bale and Rosie O’Donnell.

    I say Jason Alexander.

    This could be huge.

    1. Still no treatment for TDS, pedo?

    2. “He started in real estate in New York in the 70’s and 80’s. That was at a time that the mafia controlled that industry. He created a golden boy businessman image in the 80’s.”

      I sure hope the movie is more historically accurate than this. Why would anyone summarize Drumpf’s life decade by decade and omit the fact that in 1987 he was recruited as a Russian intelligence asset? MSNBC figured this out early on and Mueller’s investigation proved it.

      #TrumpRussia
      #ItsMuellerTime

      1. True.

        1. He’s agreeing with the resident parody account.

    3. Hmm, Jason Alexander should get the Rudy Giuliani part.

    4. More importantly, who will play Hillary?

      Jeff Ross? Randy quaid? Kevin spacey? Hmmmm…

    5. “I say Jason Alexander.’

      I say fuck off and die, turd.

  4. What the heck is in his breast pocket in that photo? It looks like a handful of clover or some herb.

    1. He’s a senile old man, what do you want?

    2. It is onion, as was the style in his youth.

      1. C’mon, man! Joe Biden is hipper than that – it’s obviously a sprig of arugula, as is the custom of right now.

    3. LOL – I didn’t notice the salad in his pocket. Perhaps he put it there by getting it mixed up with his fork he intended to put in his pocket while looking for the teleprompter so he knew what to say. He obviously has difficulty multi-tasking, but that’s who got elected. Glad I didn’t vote for him, so I don’t have to make excuses for him.

    4. I think clover, but I was hoping it was broccoli

    5. It’s bribe money.

    6. Maybe Joe is turning into a chia pet.

    7. Looks like clovers when I enlarge the pic. Maybe taken on St Paddy’s Day?

    8. Looks more like wood sorrel to me.

    9. Lunch?

  5. Lets see just how ignorant we can be about ‘Tariffs’ eh?
    Why tax imports for their foreign policy games when we can tax ourselves right out of the market?
    Heck why even pay for imported goods – lets SUBSIDIZE them..

    Ya; they really are that stupid.

  6. And they’re not wrong. It’s a race to the bottom and this whole article reads like a lapdog who is doing Koch’s bidding.

    1. Can’t be a race woth your side advocating equity.

      1. Races are racist!

    2. If it’s a race to the bottom, fucking lefty ignoramuses like you have already won.

      1. They hit bottom and stared digging decades ago. Best to just fill in the whole behind them.

    3. Tony was interested, until he figured it wasn’t a race to be the bottom.

    4. So you’re in favor of the Biden tariffs?

  7. “We won’t accept any form of international pressure or regulation that would lead to tax increases in Hungary.”

    Wasn’t Hungary part of the Soviet bloc? What the hell would they know about what works and what doesn’t in the world of economics? We need to listen to the experts who have been able to devote all their time to developing theories of how the world works by the simple expedient of never being distracted by actually being involved in the real world.

    1. I would say they know everything about what doesn’t work.
      All they have to do is do the opposite.

    2. Didn’t Yellen used to hand out sex advice on the radio?

  8. This is one of the most absurd ideas I’ve seen in a long time. That they want to behave in a way that would be criminal if it were done by citizens or companies is icing on the cake.

    1. Everything government does would be illegal if performed by individuals. Kidnapping, ransom, assault, murder, extortion.

  9. Huh. So this group of seven is signaling an order for the rest of the world to follow? A new way of doing things?

    An easy way to put it would be a “new world order”.

    At some point, I’ll be on board with the conspiracy theorists. Too bad they were so crazy with this whole lab leak thing, amirite?

    1. Of course, most of the rest of the world won’t follow their lead, because it would not be to their economic advantage to do so.

      1. I think many parts of the rest of the world will indeed follow their lead in imposing a minimum corporate tax. Of course, they’ll also follow our lead in writing so many waivers and exemptions in the law for the favored and the connected – and those waivers and exemptions will expand over time – as to render the law meaningless. Just look at our tax laws that allow Biden to demagogue about greedy corporations not paying their “fair share”. Every one of them is paying exactly what they are legally required to pay and not a penny more – and Joe Biden helped write the laws that allow them to do so. If Biden were really serious about tax reform, he’d start by getting rid of the 90% of the tax code that specifically exempts certain companies.

  10. The Democrats seem desperate to crash the economy, and this is part of it. One can always debate whether they are just stupid and dogmatic, or in the pay of the Chinese. But almost every policy that they have enacted, or worked seriously to enact, seems aimed at one thing – crashing the economy and giving us another long deep recession – probably worse than they did last time around with Obama.

    Decent chance that after two years of complete government control by the Democrats, with the resulting economic crash, then two with the Republicans holding at least the House (thanks to the Biden Crash plus Reapportionment), Trump Mod 2 will win the Presidency in 2024 (hence their attempt to pass HR/SB-1). One of the first things that the Republicans will likely do in that case is reverse those Biden corporate tax increases. They will do it because it is good tax policy, and it will spur the economy, as it did four years ago. And that will leave the rest of the G7/8 sucking wind. It’s like that scene in Animal House, where Flounder was chastised for trusting the older members of the fraternity. Just like with the Paris Accords – it won’t be in a ratified treaty, which means that it will mean squat to the next Republican President.

    1. The great reset. It is a means to restructure society while the elite keep and hide their wealth.

    2. I think they’ve convinced themselves the economy is completely uncrashable. Look at the insane proposal to refinance the debt by just issuing a trillion dollar coin, and giving it to the Fed.

      But I’m open to the possibility they actually do want to crash it, to provide an excuse to complete their takeover. Certainly, you see some of the connected billionaires acting like they’re preparing for a serious crash, buying up the sorts of assets, like farmland, that would retain their value through a crash and hyperinflation.

      1. and by the numbers:

        ABSTRACT
        The U.S. economy has performed better when the President of the United States is a Democrat rather than a Republican, almost regardless of how one measures performance. For many measures, including real GDP growth (on which we focus), the performance gap is large and significant. This paper asks why.

        http://www.princeton.edu/~mwatson/papers/DemRep_BlinderWatson_July2015.pdf

        1. lmao…
          As if the Great Depression and Great Recession didn’t throw that complete B.S. under a bus.

          1. Yeah. He’s dusting off that old discredited canard.

    3. I’m all for lower corporate tax rates, but Obama caused the recession? You may want to go back and review who was president in 2008. You may also want to look up economic and stock market performance under dem leadership vs GOP. Even Donald Trump has noticed:
      “I’ve been around for a long time and it just seems that the economy does better under the Democrats than the Republicans.”

      https://www.forbes.com/sites/realspin/2016/11/07/trump-is-right-about-one-thing-the-economy-does-better-under-the-democrats/?sh=2209f4867868

      1. Sure, sure; And California and Detroit have the most prosperous economies around.. /s Lefty-B.S. lies; through and through.

  11. Sweet. We should get another inflation isnt Joe’s fault article despite his actions

    https://www.foxbusiness.com/politics/biden-suspends-alaska-oil-gas-leases-arctic-national-wildlife-refuge

    1. The next time the Republicans get control of Congress and the White House, they should bite the bullet and transfer most federal lands to the states they’re within. That would foreclose crazy moves like Biden’s.

      Should have been done ages ago, anyway.

      1. So agree. The percentage of land under federal control for western states as compared to eastern is insane. It is basically eastern states using resources they don’t own as a collective source.

      2. It’s not even biting the bullet. The states getting land back would be a positive move in mid America, further shoring up their political majorities.

  12. But mean tweets….

    1. Thank Zod we are saved

  13. When Yellen was at the Fed, I guess I didn’t realize how horrible she was.

  14. “By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure,” U.S. Treasury Secretary Janet Yellen huffed in April. “It’s a self-defeating competition, and neither President Biden nor I am interested in participating in it anymore. We want to change the game.”

    As you know, worker skills and infrastructure are only developed through tax revenue. It’s definitely not the companies hiring said workers that train them or the customers that employ them to build things. No, it’s definitely all just tax dollars. You feed the money into the black box labeled “ECONOMY” and out comes all the good things of civilization.

    1. That’s so last century. Get woke. Now money is not required and we just feed votes into a box marked Democrats and out comes all the good (and righteous) things of civilization.

  15. Yellen: “By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure”

    There’s a BS argument if there ever was one, when what Yellen really means is “The political class is greedy and needs to milk the working class more, so we’re seeking to eliminate competition among governments for citizens, and since I want to keep my well paid job and the millions I’m making on speeches, I’m going along with it.”

  16. If such a “minimum tax” was agreed upon (and it won’t be), it still wouldn’t stop some (all?) nations by returning a portion of such tax monies to favored corporations via inflated contracts or other mechanisms. Cronyism Forever!!

    And, of course, to combat that, the United Nations will have to fund a few million accountants to catch such “tax cheats.” And, of course, if said nations which are cheating still don’t behave properly, well, hell, just invade them.

  17. The Mafia hates competition. Next up. a national state minimum tax based on ,say, NY and California.

    1. “ We have to close the tax gap”.

  18. Poppycock! The US has one of the highest capital gains taxes, and an inordinately high corporate tax rate, and yet… is home to most of the world’s corporations and investments.

    Taxes are bad, but it’s not just the taxes that determines where a corporation will move to.

    But that’s al beside the point. RAISING TAXES is not tax competition. The doublespeke coming out of Yellen’s mouth is making Orwell roll over in his grave. Sure, if you can manage a cartel of taxing authorities to keep taxes high, then indeed have a cartel of high taxes. But trying to start one by RAISING TAXES is beyond stupid. Imagine some company announcing they’re going to corner the market on broccoli by… raising the price of broccoli. Makes no sense, must acquit. So of course this is not the point. They’re just using GMT as a smokescreen for raising taxes. Higher taxes means lower taxes and work makes free.

    1. Poppycock! The US has one of the highest capital gains taxes, and an inordinately high corporate tax rate, and yet… is home to most of the world’s corporations and investments. Taxes are bad, but it’s not just the taxes that determines where a corporation will move to.

      Well, yes, the factors that in the past caused corporations to move to the US were: (1) political stability, (2) use of the dollar as a reserve currency, (3) desirable location for top corporate employees to live, (4) favorable regulatory environment, (5) a workforce and political leaders favorably disposed to free markets. None of those apply anymore.

      But trying to start one by RAISING TAXES is beyond stupid. Imagine some company announcing they’re going to corner the market on broccoli by… raising the price of broccoli.

      European leftists have been chomping at the bit to raise taxes on corporations. This is, in fact, quite an attractive signal to them.

      They’re just using GMT as a smokescreen for raising taxes.

      They are using a proposal to raise taxes as a smokescreen for raising taxes? Well, they sure are! ????

  19. “By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure,” U.S. Treasury Secretary Janet Yellen huffed in April. “It’s a self-defeating competition, and neither President Biden nor I am interested in participating in it anymore. We want to change the game.”

    What she means is, “it’s a government-limiting competition”.

    Lying cunt.

  20. Thank Great Britain for saying NO. They just left the EU and are not looking to join in with other foreign entities to take over their tax policies.
    I only hope Yellen’s attempts fail spectacularly.

  21. We should compete to have the lowest taxes and most efficient government. In a private business they goal is never to grow the legal, accounting and HR departments. They are a necessary expense but do not generate the products and services that make the money to pay everyone. Same goes for government.

    1. never to grow the legal, accounting and HR departments

      Good, because the diversity department ate up their budgets.

    2. Unfortunately, the party that has been given control of government does not believe in any of that and greatly resents the reality of your statement.

  22. We are experiencing an attempted coup, by Marxism ideology, we now have a president, who has embraced communism, quotes communist leaders, takes large amount of gifted money, through his family members. This attempt at dictatorship will crash and burn, Biden’s who like the Clinton’s will become another laughing joke of the day, they sold our Country out, with pay to play, abuse of power. which will be short lived. The Clinton’s lack any respect, from the American people, the Biden family will be the same, his ideas will change nothing ,our constitution will prevail. Biden is much like a fart in a divers helmet, lot of stink with no place to go. Corrupt Biden administration created the biggest anti-American cluster fxxx that our southern border that the Country has ever experienced, Don’t think one Democrat will be reelected in 2022. Socialism / Marxism not part of our American culture now, or ever will be, “pay for play Biden’s” will be turned out, just like the Clinton’s were, all will know they sold out our American way of life, for personal profit ,short lived temporary power.

    1. You really like commas, don’t you?

      1. He learned to write in the 18th century.

    2. Don’t think one Democrat will be reelected in 2022. Socialism / Marxism not part of our American culture now, or ever will be,

      That has never stopped socialists before. “It’s not the people who vote that count, it’s the people who count the votes.”

      It’s also not true. After several generations of K-12 and college indoctrination, socialism and neo-Marxism are now part of American culture. Just ask anybody under 40.

      Even supposedly libertarian magazines like Reason focus on promoting policies dear to left wing youth and often using left wing arguments to support them.

  23. Democrats promised Scandinavian-style benefits with US-style gold plating. That can only be paid for by massive tax increases, and those tax increases need to be paid for by the middle class somehow; there simply is no other way. And a corporate tax, resulting in a mix of price increases and wage stagnation is the only politically feasible way of doing it.

    I doubt other nations will go along with it; not because their taxes aren’t insanely high, but because their taxes are targeted more directly at their middle class instead of corporations, leaving them more competitive for exports, for example to the US.

  24. “By choosing to compete on taxes, we’ve neglected to compete on the skill of our workers and the strength of our infrastructure,” U.S. Treasury Secretary Janet Yellen huffed in April.

    Mistress Yellen: slavery ended more than a century ago in the US. We are not “your workers”, as you will find out if you raise taxes too much. We can quit working or leave.

  25. “Finance ministers from Group of Seven nations meeting in London on Friday are expected to back President Biden’s call for a global minimum tax on corporate profits”

    I do not believe Biden requires any support from any Republican to raise the tax to whatever he wants. He should be able to do it through budget reconciliation–which avoid the filibuster in the Senate. Biden’s primary concern is trying to provide a fig leaf for Democrats in purple districts and states to hide behind after they support raising the corporate tax. They had no choice! It’s an international agreement!

    Meanwhile, “treaties” that don’t enjoy the support of two-thirds of the Senate can be ignored. As soon as a Republican takes office again and has the support to lower the corporate tax rate again, this “treaty” will be over. How many of Obama’s “treaties” were treated this way because they weren’t supported by two-thirds of the Senate: The Iran Deal, the Paris Accords, . . .

    There was no difference between Democrats and Republicans on most substantive issues–from Clinton’s second term to the end of Obama’s term. That is no longer the case, and if the Democrats as a part refuse to lower taxes in the United States unless the governments of Europe give us permission, then you can add that to the list of differences we can expect when a Republican is elected to the White House again.

    1. P.S. Populism in all its forms, from left to right, is always a reaction to elitism, and this is another example of an elitist attempt to subvert the proper place of democracy. The same thing happened circa 2016 around Brexit, the huge wins of populists in France, Germany, Italy, and the United States, . . .

      The only way to get rid of populism is to abandon elitism. Populist reactions to elitism are fundamental. Don’t throw kerosene on fire and expect it to go out.

      1. Ken has his own definition that excludes the super rich, such as Donald Trump, with his gold-plated toilets. Never mind that it is quite common to think of the super rich as being a part of the elite and privileged.

        1. Mike has his own definition of reality, shared by no one.
          Fuck off and die, Mike.

    2. then you can add that to the list of differences we can expect when a Republican is elected to the White House again.

      Democrats have half a dozen initiatives going that will ensure permanent political dominance: HR1, statehood, giving citizenship to illegals, etc. Some of those are supported by Republicans. You seem to support some of those yourself. So, I don’t expect another Republican to be elected to the WH in my lifetime.

      1. Trump split the party, guaranteeing that no Republican will be elected President for a long time. Possibly never again.

  26. You don’t dictate the rules of the game, Secretary Yellen. Competition among nations on tax policy exists whether you are interested in playing the game or not, like any other market. You just want to try to cheat.
    ( https://wapexclusive.com )More evidence that Ayn Rand’s villain characters are all too realistic.

    1. You don’t dictate the rules of the game, Secretary Yellen. Competition among nations on tax policy exists

      There are many leftists in European politics to whom Yellen’s proposal is attractive; if they get into power in countries like Germany (and it looks like they may), this may become reality.

      1. They have been trying to force Ireland to raise it’s 12.5% rate for years. The Irish are having none of it as they are attracting business jobs and tax revenues.

  27. Straight out of the fragile and rapidly degenerating mind of Joe Biden.

  28. But at least there are no mean tweets . . .

  29. You can run but you can’t hide. But we’ll make sure there are plenty of loopholes for the connected.

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  31. This tax is infinitely stupid. When governments run into money problems, they should first try to cut spending – just like real people do. Raising taxes is easy. It would be like being able to force your boss to give you a raise because your credit card bill is too high. I hope the small, fiscally responsible countries hold their ground. The last thing we need to do cement government waste and mismanagement by guaranteeing them a steady stream of new money. When that runs out, I assure you they will raise the global minimum tax. Politicians never spend less.

  32. We are now beholden to 6 other nations bureaucrats to determine our own tax rates? Taxation without representation.
    The winners will be all the nations that don’t go along with the globalist agenda.

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