22 October, 2021

Isn’t This ”Collusion”?

Ireland Joins Biden’s ‘Global Minimum Tax’ Plan | The Daily Wire

Ireland — formerly one of the few holdouts for a pending international “global minimum tax” plan — has joined the agreement.

During a June meeting of the G7, President Biden and other world leaders proposed a “strong global minimum tax” of “at least” 15%. The White House lauded the policy as a “critical step towards ending the decades-long race to the bottom that pushes nations to compete over who can offer the lowest tax rate to large corporations at the expense of protecting workers, investing in infrastructure, and growing the middle class.”

So, basically, these countries all agreed that they’d all have a corporate tax of at least 15%. Some countries had lower than that to attract businesses to them. The bigger countries didn’t want to lose those businesses, and didn’t want to lower their taxes, so they forced the smaller countries to join in their cartel.

This is so mind-numbingly wrong.

And having it written out like that makes it readily apparent just how stupid an idea this is.

Smaller countries were doing well by having lower taxes. In fact, it’s laid out for you later in the article:

Smaller nations — which have historically relied upon lower corporate taxes to compete on the world stage with more developed economies — were initially hesitant to sign the deal. In July, a handful of countries — Barbados, Estonia, Hungary, Ireland, Kenya, Nigeria, Sri Lanka, St. Vincent, Peru, and the Grenadines — refused to join the 130 other Organization for Economic Cooperation and Development member states that endorsed the plan.

Psst…this means that bigger countries could do well by having lower taxes too.

But then they’d have less control and have fewer opportunities for graft.

And they’d have a wealthier general populace which would entail a populace with more fredom and less dependence on the government.

And we clearly can’t have that.

Corporate taxes are stupid.

High corporate taxes are insanely stupid.

Multiple countries getting together and setting a minimum corporate tax rate is criminally stupid.

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