Blaze- Treasury Secretary Janet Yellen will reportedly call for a global minimum corporate tax rate to prevent U.S. companies from relocating offshore in response to the Biden administration’s forthcoming tax hikes, Axios reported on Monday.
The news outlet made clear that “by trying to convince other countries to impose a global minimum tax, Yellen is acknowledging the risks to the American economy if it acts alone in raising corporate rates.” more here
I have a novel idea, how about you learn to live within your “means”? nah that would make sense and we cant have any of that going around.
First, corporations don’t pay taxes, they collect them. They either pass the increased cost of doing business onto the customer or they lower their profit margin and pay out less in dividends.
Second, only a fucking raving lunatic would follow another one off a cliff. If this proposal didn’t inspire some world wide belly laughs, nothing will.
Why?
Amateur Hour at the White House never seems to end.
The Chinese must be laughing themselves silly at these jokers.
It came to him in an aneurysm. 🙄
I’m sure every country will take his advice.
China sure cowered when he sent people to talk…… Oh. Wait.
Never mind.
“…Then there was communism’s weak-tea sister, socialism. Socialists maintained that we shouldn’t take all the money away from all the people since all the people don’t have money. We should take all the money away from only the people who make money. Then, when we run out of that, we could take more money from the people who…hey, wait! Where’d you people go? What do you mean you’re “tax exiles in Monaco?””
-P.J. O’Rourke,“The C.E.O. of the Sofa”,
…and, were the world to actually TAKE his advice, then EVERYONE could be in a Weimar Germany hyperinflationary death spiral instead of just the U.S…
Mises had an interesting take recently: Taxes are needed because they keep people poor, and because they can be used to punish certain people: https://mises.org/wire/if-deficits-dont-matter-why-bother-taxes
Also, why the EU likes Biden & Yellin’s proposal: https://mises.org/wire/biden-and-janet-yellen-are-pushing-global-minimum-tax-rate-eu-very-pleased
I can hear the laughter from across the oceans.
Stupidity on steroids,
Or what? What if they don’t follow Yellen’s advice? Are we going to reduce the $$ of foreign aid we gift to these countries?? Are we going to stop being the World’s Superpower with our Military, protecting all those countries that don’t want to spend for their Defense? What’s the Carrot or Stick, Janet ??
I wonder how seriously the rest of the world takes us now compared to when Trump was in office?
DUH, Joe just started to figure it out. Never mind, he forgot it already.
Most incompetent administration EVAH
Somebody has painted a bullseye on sloJo’s shoe, and now he can’t stop shooting himself in the foot.
“Rich shitpokes with high hat tax lawyers don’t pay taxes, and neither do their high hat tax lawyers if they’re any good.” —- PJ O’Rourke, “Parliment of Whores.”
No doubt all the other countries will follow in lock-step to ruin their own economies – sheesh.