Continuing on the theme of taxes, Sec of the Treasury, Janet Yellen, is trying to get all developed countries in the world to agree on a global minimum taxation plan. Initially she is focused on corp taxes but make no mistake, she wants a global standard for all taxation.
Why? Because taxation is a competitive business. When the US corp tax rate was 35%, Ireland’s was 12%. Ireland’s is still 12% even though ours is 21%. Additionally, most countries around the world tax their businesses only on the business they do inside their country’s borders. This is called “territorial” corp income tax. The US taxes American companies and employees on income made everywhere in the world. The American govt is greedy. Countries with the highest tax rates hate it when corps and individuals are able to move their income to other countries (and states) to pay lower rates. Democrats and socialists hate liberty and love spending other people’s money. They hate competition in tax rates world wide.
The OECD, “Organization of Economically Developed Countries” agrees with Yellen. They have actually proposed the same idea that all of their members should standardize tax rates. When they say that they want to standardize tax rates, they don’t mean at a lower rate. They mean at the higher rates. Should we in the US pay the same outrageous tax rates as the socialist freeloaders of Europe?
This is the same old warmed over socialism where the govt acts in every way as they own our bodies, our labor, our earnings and our property. Without individual sovereignty over these things, we cannot be free. Explain this to your liberal friends. Apparently, they are completely ignorant of these things.