Biden: "We Want To Create A Global Minimum Tax"

Biden calls for a global minimum tax. Governments oppose tax competition because it greatly benefits low tax nations who aren't spending themselves into bankruptcy. Biden's logic is deeply flawed. Yes, capital is parking its butt in low tax nations but that's because the US has embarked on a policy to chase capital offshore. Congress has literally legislated low tax treatment for corporations who earn their profits offshore while taxing profits earned on US soil at higher rates. This has not only been going on for decades, it has resulted in decimating domestic manufacturing. Capital flows according to the laws of financial gravity and will always seek the most capital friendly abodes.

"For years, American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20%. We want to drop the rate, particularly, for high-tech manufacturers like you, Mr. President, even further than the 20%," Vice President Joe Biden said at a manufacturing plant in Davenport, Iowa this week. "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," Biden said at a campaign event.

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Real Clear Politics

Occupy Mordor or Destroy the Ring?

There has been mixed responses to Occupy Wall Street by libertarians. Some see the movement as a positive, while others see them as little more than lazy hipsters. But libertarians must be sensitive to why people feel the way they do about issues. The occupiers point out a legitimate concern that "the 1%" control vastly more power and wealth than "the 99%", and corporations have accumulated more power and privilege than is healthy for an open society. Some other concerns and demands are absurd, but the heart of the matter is on track. The question is why has this happened? While many on the left are quick to blame a nebulous thing called "greed", or lack of regulation, the matter is more complicated than that. This calls for a Lord of the Rings metaphor. Let's say that Sauron, the big cheese bad guy of Lord of the Rings, is the corporate hegemony. The 1%. Most people in Middle Earth agree that this is a problem, but there are a few differ...

I've Been an Outspoken Critic of Censoring Conservatives, But I'm Not Leaving Patreon Over Sargon of Akkad's Ridiculous Remarks

By: Wes Messamore The Humble Libertarian Photo: Gage Skidmore

Were The Founding Fathers Aided By Aliens?

Photo: Sebastian Bieniek, Dollarfaces https://www.b1en1ek.com/works/bieniek-paint/2015-dollarfaces/

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