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

Thomas Sowell Returns

By: Thomas Winslow Hazlett Reason

Tax Bill Is Beginning of Formal Debt Criminalization

The noose is tightening on liberty. The United States Congress is steadily headed to a place where those who owe money to the US government shall be treated criminally. This phenomenon is advancing domestically and now, increasingly, internationally. The first shot in this latest campaign took place in 2010 when US President Barack Obama signed into law The Foreign Account Tax Compliance Act. It demanded, basically, that foreign banks withhold up to 30 percent of the income that an American abroad might earn. This bill isn't working so well because overseas banks are not cooperating (a state of affairs that was certainly expected). Thus, there is a need for something else: Senate Bill 1813, recently introduced by Senator Barbara Boxer (D-CA). This bill, in part, states that taxpayers with unpaid taxes over US$50,000 may find their passports confiscated. This isn't criminal per se, but the IRS has recently made noises about "sharing" information with police a...

Why Libertarianism Is So Dangerous (video)

A former libertarian abandons his dream of a voluntary world and explains the potential worse case scenario after the overnight disappearance of government. The ending will SHOCK you! Via: School Sucks Project . Fist bump: Anthony Gregory .

The Humble Libertarian original

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