EDITOR NOTE: Governments tend to excel in three things: creating centralized (though inefficient) bureaucracies, controlling citizens through soft or hard coercive means, and spending a lot of money even if it exceeds revenues. The first two--centralization and coercion (by means of taxation)--fuels the last part (spending). President Biden and Treasury Secretary Yellen want to raise corporate taxes to 29%. This would no doubt hurt a lot of workers and companies. So they decided to “even the playing field” by convincing all major economies to do the same. Of course, their governments would agree, as it would mean more revenue for them to spend. If hobbling American businesses isn’t the best way to encourage economic growth, then convincing all major economies to hobble their businesses isn’t the most promising way to achieve global economic “equality.”
Joe Biden and Democrats are hoping to raise the corporate tax rate in America from 21% to 28% to pay for all of their new trillions of dollars in federal spending.
But the Biden regime knows these massive tax hikes will negatively affect American companies and American workers. They understand that much.
So in April, Treasury Secretary Jante Yellen revealed the new plan to even the playing field for the Biden tax hikes. Yellen announced she would push ALL MAJOR ECONOMIES to commit to a minimum corporate tax rate.
This is the latest globalist plan to control the people and dip into their incomes even further.
The politicians know best.
It’s for the children.
And it worked!
The G7 finance ministers on Saturday announced they came to an agreement to pursue higher global taxation on international businesses.
In a move that could raise hundreds of billions of dollars to help them cope with the aftermath of COVID-19, the Group of Seven large advanced economies agreed to back a minimum global corporate rate of at least 15% and for companies to pay more tax in the markets where they sell goods and services.
“G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age,” British finance minister Rishi Sunak said after chairing a two-day meeting in London.
U.S. Treasury Secretary Janet Yellen said the “significant, unprecedented commitment” would end what she called a race to the bottom on global taxation.
Original post from Gateway Pundit