Paragon of wisdom and smart economics Joe Biden says that what American business needs is a global minimum tax. Holy moly.
And to which entity is this tax paid Mr. Vice President?
Biden states that the US has the highest corporate taxes in the world, which as of now it does. But instead of just cutting this tax as per the usual way sovereign states handle such things, he proposes that we should instead have a worldwide tax on corporations. This will help eliminate “subsidies” he says, by which I think he means that foreign companies shouldn’t have lower tax rates than domestic companies. He fundamentally misunderstands what a subsidy actually is. Lower taxes and tax breaks that create a more favorable tax environment for one or a group of companies is not a subsidy. Those companies are just keeping more of their earned money. It may be unfair. It may be outright crony capitalism. But it is not by definition a subsidy.
But oddly after making the case for his bizarro globalist version of fair trade he then goes on to say that some companies, such as the high tech one he was addressing during the speech, should have lower than average rates of taxation under a global tax structure.
So what is he saying? I am all for lowering taxes anywhere and everywhere but using Biden’s own logic (which is weak) wouldn’t such tax favoritism distort what he thinks is the market?
Biden is such a politician that he can say anything, believe it, and then say something completely contrasting to his first point, and believe that too.
A global tax? Again I ask where the check will be sent, and also who enforces the tax when it is not paid?
Alex Jones must be going nuts with this.