Biden's Global Minimum Tax
It's always scary when a Democrat tells a crowd of supporters, "...we want to do more!" But Joe Biden is no ordinary Democrat, so it's downright Ghoulish!
We want to create what's called a global minimum tax, because American taxpayers shouldn't be providing a larger subsidy for investing abroad than investing at home.
Would this be some sort of UN tax on American corporations?
"The President is proposing to eliminate tax incentives to ship jobs offshore by ensuring that all American companies pay a minimum tax on their overseas profits, preventing other countries from attracting American business through unusually low tax rates. The savings would be invested in cutting taxes here at home, especially for manufacturing," the White House said in a January fact sheet on the president's manufacturing proposals.
That's good news for Biden fans - Joe didn't just make this up on the spot. But the biggest political gaffes usually have to do with telling the truth.
President Obama has also advocated the program while on the stump, mentioning the proposal in a February speech to plant workers in Milwaukee, Wis. “From now on, every multinational company should have to pay a basic minimum tax,” Obama said.
A new tax means more money in the hands of centralized, unconstitutional government, and more power for politicians to pick winners and losers.