Treasury Secretary Janet Yellen claims that the surging inflation rate will be good for society. Yeah, and playing video games all night will improve your test scores.
Wages are being depressed because of the massive illegal immigration Joe Biden has provided for this country, so I fail to see how losing 3 to 5% of your income to inflation is a good thing. Neither she nor Joe Biden understands what it means to be poor or in the middle class means to Americans hit by inflation.
Yahoo News is reporting that the G& conference have agreed to implement a minimum federal tax on companies, many of whom pay no taxes, of 15% has been agreed to. This does not mean that it will actually happen because these leaders do not have the power to put the new tax in motion. Their legislatures would have to approve it first. That may be easier said than done. Their lower corporate taxes get them a lot of business.
This gives them a huge advantage over American products. Even if the entire G7 implements the new tax, they will still have us over a barrel because Biden wants to raise our corporate tax rate to 21%.
Biden has declared victory even though there is a long road ahead before these countries comply with the agreement, assuming they ever do. But, even so, Yellin says it doesn’t matter because inflation is good for us.
The danger is with all of Biden’s policies we could end up with Jimmy Carter-type inflation. Remember that? Inflation was over 16% driving up credit card interest through the roof.
Could you afford to lose 16% of your salary, assuming your boss does not replace you with a cheap illegal alien worker? This is shaping up to be a perfect storm scenario.
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Finance leaders from the G7 group of advanced economies said Saturday that they had reached an agreement on establishing a minimum global corporate tax rate, a significant step forward in the Biden administration’s effort to reduce tax avoidance by major corporations.
Under the agreement announced by the G7 nations – Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – multinationals would have to pay a tax of at least 15% in each country in which they operate, less than the Biden administration’s earlier proposal of 21% but still within the range of what the White House said it would accept.
Treasury Secretary Janet Yellen reportedly played a major role in the effort to reach a consensus on an issue that has been under discussion for a decade or more. “That global minimum tax would end the race to the bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world,” she said in a statement. “The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our workforces and investing in research and development and infrastructure.”