Every four years, we elect a President of America. That person is not elected to be President of the world, he is elected to be President of America. Lately it seems as if some of our Presidents have forgotten this basic fact.<\/p>\n
On Friday, Issues & Insights<\/a> reported:<\/p>\n The Biden administration has just spent two years negotiating with a group of foreign countries to raise taxes on U.S. companies operating overseas. Now we\u2019re being told it\u2019s been \u201cdelayed\u201d for two more years. But why delay a bad decision? It\u2019s an awful idea that should be rejected out of hand.<\/strong><\/p>\n \u201cAmericans have already been crushed by inflation caused by the Biden administration,\u201d argued West Virginia congresswoman Carol Miller, in a recent op-ed<\/a>. \u201cBut now, they want to add fuel to the fire by\u00a0giving American taxes<\/a>\u00a0to foreign countries, raising costs for Americans, and sticking us with the bill for funding a global socialist agenda.\u201d<\/strong><\/p>\n Her analysis is spot on. The U.S. Treasury and White House have no business negotiating a deal to subvert America\u2019s sovereignty and erode its economic power, which the accord with the 38-nation Organization for Economic Cooperation and Development (OECD), headquartered in the ultra-deluxe Ch\u00e2teau de la Muette<\/a>\u00a0in\u00a0Paris, is clearly meant to do.<\/strong><\/p>\n For the record, the U.S. already imposes a 10.5% minimum tax on U.S. businesses\u2019 foreign income, and last year imposed a 15% \u201cglobal minimum tax\u201d on big multinational companies\u2019 profits. And the standard corporate rate here in the U.S. is now already 21%, well above 15%. So what\u2019s the issue?<\/strong><\/p>\n Under the OECD \u201cdeal\u201d that both President Joe Biden and Treasury Secretary Janet Yellen have embraced, there\u2019s something called the Undertaxed Profits Rule (UTPR)<\/a>. That guideline basically would let other countries tax a U.S. company at a higher rate if the country determines that it\u00a0is paying less than the 15% somewhere else. And the other country, not the U.S. taxpayer, gets the revenue.<\/strong><\/p>\n The opportunity from this rule for global tax abuse and even graft are clear. Moreover, U.S. tax rates by law have always been determined by Congress and the president, not by foreign bureaucrats.<\/strong><\/p>\n The first thing to understand here is that corporations do NOT pay taxes–they simply consider them a business cost and past the expense on to consumers. Higher taxes mean lower wages for employees and higher prices for the product produced.<\/p>\n The article concludes:<\/p>\n The House Ways and Means Committee has already held hearings, and will no doubt hold more in the future to halt or radically change the Biden-Yellen \u201cdeal,\u201d which excluded congressional input. No doubt, more hearings are on the way.<\/strong><\/p>\n Meanwhile, a post from the Committee\u2019s website<\/a> after a hearing earlier this month said it all: \u201cCommittee Members found the proposal would hurt American companies, kill American jobs, give Chinese Communist Party-sponsored businesses a global economic advantage, and surrender $120 billion in U.S. tax revenue.\u201d<\/strong><\/p>\n Sound like a good deal to you?<\/strong><\/p>\n Who does our representative government represent?<\/p>\n","protected":false},"excerpt":{"rendered":" Every four years, we elect a President of America. That person is not elected to be President of the world, he is elected to be President of America. Lately it seems as if some of our Presidents have forgotten this … Continue reading