The Treasury Department is trying to avoid this inevitable result by negotiating a global minimum tax. BIDEN ECONOMIC ADVISER PUSHES GLOBAL CORPORATE TAX MINIMUM TO COUNTERACT PROPOSED US INCREASEThis collusion is the Biden Treasury’s proposed solution for avoiding a return to a never-ending game of whack-a-mole with U.S. corporations. The Tax Cut and Jobs Act (TCJA) of 2017 replaced these perverse incentives with a U.S. tax rate that was internationally competitive, though still above the mid-point of OECD countries. It is hard to think of a more important attribute of sovereignty than each nation’s right to maintain and change its own tax rules in whatever manner its legitimate government sees fit. It’s not as though the administration is standing on very firm economic ground in demanding high levels of corporate taxation as a way of raising income.

Source: Fox News May 06, 2021 12:00 UTC