Higher Corporate Taxes Biden's Global Scheme

Treasury Secretary Janet Yellin is peddling a Joe Biden scheme to have all the world's developed nation's promise to keep corporate tax rates high so that no country can get a tax advantage over another. With today's ALG Minute, I'm Catherine Mortensen. Biden wants to hike U.S. corporate tax rates from 21 percent up to 28 percent - and impose a 21 percent minimum tax on U.S. companies foreign income and raise taxes on some foreign companies' U.S. operations.

Ms. Yellen said in remarks to the Chicago Council on Global Affairs on Monday, “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”

Biden may be a dolt, but he is no dummy. He knows that if his corporate tax hikes are enacted without a global minimum tax, a U.S. address becomes a potential disadvantage, meaning that foreign-owned businesses operating overseas could be significantly more profitable than competitors owned by U.S. companies.

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