The G20 is an international conference of 19 nations and the European Union, and national central banks.
Janet Yellen stated a collective international effort would end the “race to the bottom” on taxation, according to International Business Times.
This proposal is in the midst of Biden wanting to implement his new $2 trillion infrastructure plan and has railed against multinational corporations using tax loopholes and those businesses taking their operations outside of America. This new proposed tax plan is designed to help get some of that lost revenue back.
Biden wished to raise the corporate tax rate to 28% and the minimum to 21% for multinationals.
Biden believes that this will not send more businesses overseas and claims “there is no evidence of that.”
We’re talking about a 28% tax that everybody thought was fair enough for everybody. I’m going to push as hard as I can (to) change the circumstances so we can compete with the rest of the world.
President Joe Biden
Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations.
Janet Yellen
For companies, economies, and nations to stay competitive they must make sure they
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.
It is important to work with other countries to end the pressures of tax competition and corporate tax base erosion
‘A Treasury official told reporters the G20 goal is to have a proposal on the global minimum tax by July, and the Biden administration could if needed change its legislation to bring the US minimum tax into line with the international plan,’ reports the International Business Times.
Yellen has outlined that the Biden Administration is pushing to resume multilateral cooperation with other nations, as this was stunted in ways by former President Trump.
Over the last four years, we have seen firsthand what happens when America steps back from the global stage. America first must never mean America alone.
Over time, a lack of global leadership and engagement makes our institutions and economy vulnerable.
AUTHOR COMMENTARY
And Jehoiakim gave the silver and the gold to Pharaoh; but he taxed the land to give the money according to the commandment of Pharaoh: he exacted the silver and the gold of the people of the land, of every one according to his taxation, to give it unto Pharaoh-nechoh.
2 Kings 23:35
Contrary to what Biden and Yellen have to say, more businesses will leave this country as they are already. It is simply not profitable for many of these companies to make, produce, and manufacture in this country. They will go where it is cheaper to do so and sell to America at higher rates.
As I have stated before in other reports, the taxing of these super-rich and wealthy companies and corporations will do what they have always done: and that is, find even more loopholes. A general raising of taxes still does very little to nothing for big business. They just move and disperse the wealth across different accounts and ventures, dump money into dummy and zombie companies to lower their taxes, and so forth and so on.
WinePress readers know that the new shift is fascism – a combining of corporate powers and government. This is what the World Economic Forum (WEF) has called for, “stakeholder capitalism,” which, in their own words, is the combining of private and public sectors of the economy. That is fascism. This same Forum, and others, have made it clear that America will no longer be the world superpower, but a much less powerful one at best.
Janet Yellen being a former Fed Chair President knows what she is doing, and she is not going to be hurting the bigs anytime soon. On an interesting side note, when Yellen was sworn into her position in January, the Senate swore her in with an 87-13 vote. That means many Republicans voted her in as well. So if you think the Republican party has your back, think again.
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