If Joe Biden wants to make sure US products can’t compete with those of any other country in the world and allow them to tax American companies, who are the G20 to get in Biden’s way.
The White House is bragging that they got the G20 to agree to a minimum corporate tax of 15%.
But what they don’t mention is that Biden wants to raise the US corporate tax to 28%.
That means US products will cost 13% more in taxes than the rest of the world, so why would they oppose it?
The world prefers American products because of the quality difference but when we have to charge much more than our foreign competitors, it dampens consumer’s interest in our goods.
They did not have to fight at all to get what they wanted.
Biden just handed it to them.
The unprecedented plan, if enacted, would drastically reshape the tax landscape around the world, especially in the US. It would establish a global 15% minimum tax. Proponents of the plan say that it will limit large corporations from saving billions of dollars by shifting profits into tax havens. This, coupled with Biden’s plan to pass competition-crushing corporate tax increases reflects the desire of foreign nations to profit off of American companies for operating in their countries.
The American legislature holds the key to implementing the new tax.
There are two so-called pillars that need to pass and they will be offered in separate bills because one can be passed through reconciliation while the second would need to amend an existing treaty that will require 67 votes in the Senate.
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Pillar 2, which changes US domestic legislation, could potentially be passed using the so-called reconciliation process. This can be used by US Congress once a fiscal year and bills passed by this route can clear the Senate with a simple majority. The upper chamber is split 50-50 between Democrats and Republicans, with US vice-president Kamala Harris casting the tiebreaking vote. However, Pillar 1, which will probably require treaty changes, would need the support of at least two thirds of the Senate.”