See what’s going on?
This is globalism at its finest.
Now we’ll need permission from someone in Belgium to change our corporate taxes. Prepare under President Biden to forfeit plenty of our sovereignty that Donald Trump had just fought so hard to get back.
According to the Washington Times:
Treasury Secretary Janet Yellen made the case for a global minimum tax that would prevent U.S. companies from moving overseas to avoid higher taxes at home.
Ms. Yellen on Monday called for global coordination on an international tax rate that would apply to multinational corporations regardless of where their headquarters are located. She said such a global tax could halt the “thirty-year race to the bottom” in which countries have competed against each other by lowering their corporate tax rates, as the U.S. did under President Trump.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Ms. Yellen told the Chicago Council on Global Affairs. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”