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The quiet new way Biden wants to tax you
The Biden administration wants to give American taxes to foreign countries, raising costs and sticking us with the bill for funding a global socialist agenda.
Politics
It’s been said that there are two things certain in life: death and taxes. With Joe Biden as president of the United States, you can also be sure that you will be paying more than your fair share of the taxes you owe.
Americans have already been crushed by inflation caused by the Biden administration. But now, they want to add fuel to the fire by giving American taxes to foreign countries, raising costs for Americans, and sticking us with the bill for funding a global socialist agenda.
Over the past two years, President Biden and Treasury Secretary Janet Yellen have negotiated a global minimum tax through the Organization for Economic Co-Operation and Development (OECD). This organization surrenders America’s sovereignty over our tax code and allows foreign countries to take our taxes that were meant for our own essential programs and military.
In short, Biden and Yellen were failures in their tax negotiations. Now Republicans in Congress must clean up their mess.
At a time when the United States is actively vying to stay competitive in a rapidly evolving global economy, allowing American businesses to be subjected to mandatory foreign taxes that would pay for woke, green policies in other countries are irrational and absurd.
"Globalists" will tell you this is better for the American economy. They are wrong.
The Founding Fathers purposely entrusted Congress with developing our country’s tax code. We will not cede that authority to unelected global bureaucrats, as President Biden wants to do.
As our debt crisis is looming, the United States should be focused on putting money back into our economy, instead of funding other countries’ pet projects. I can guarantee that as long as Republicans have the majority, we will never approve of Biden’s terrible deal.
With the failure of the current negotiations with the OECD, the United States’ economic standing was drastically weakened. China is laughing at our weak leadership for subjecting our own people to global socialism. While the Biden administration continues virtue signaling through misguided policy making, America falls further behind our adversaries.
Until last year, the United States was the only country in the world with a global minimum tax. Here at home, U.S. corporations already face a 21% tax rate. Congress has a long history of using the tax code to incentivize certain behavior from businesses and individuals.