Governments are working together to hit up taxpayers for more money—here and around the world.
Treasury Secretary Janet Yellen is calling for countries to enact a global minimum corporate tax rate. And schemes are afoot to do the same for individuals.
Officials of the G-20, the world’s biggest economies, are busy formulating plans for a global minimum tax.
High-tax countries, such as France and Germany, are enthusiastic advocates. The Biden administration plans to enact the highest business taxes among developed countries and feels a high global minimum corporate rate will mitigate the damage the Administration’s new rates would do to our competitiveness.
Yellen justifies her idea by crying that there’s a devastating “race to the bottom,” when it comes to taxation. Facts show she’s spouting nonsense. What she and other tax-and-spend politicians can’t stand is that countries—and, here at home, various states—are making their economies more friendly by easing their tax burdens.
In the U.S., for example, New York is raising its top income tax rate to 15%, yet Florida has no state income tax. People are fleeing New York for the Sunshine State.
If Yellen-like plots aren’t thwarted, economies will be damaged—and so will stock prices.