World leaders at the G7 Summit in England continued to ramp up their attacks on big and small businesses alike, the very reason why their countries experience such wealth, when they all agreed to impose a sweeping 15% global minimum tax on corporations proposed by the Biden administration. Their intentions are to prevent large companies from dodging federal taxes, but the consequences of this globalist policy stretch far beyond.
During a press conference, Joe Biden solidified his commitment to a global minimum tax, saying, “G7 leaders all agree — a global minimum tax of 15 percent is crucial. So many corporations have been engaging in what are essentially tax havens.”
He voiced his intentions to bring the disastrous tax policy back home to United States as well, saying, “I’m going to move on this at home as well — a minimum tax for corporations to pay for the profits they make anywhere in the world.”
WATCH: In a landmark deal, the G7 agreed to back a minimum global corporate tax rate of at least 15%. Companies also will have to pay more taxes in the countries where they make sales https://t.co/HgbT4T84Eh pic.twitter.com/LYPrF3d9FH
— Reuters (@Reuters) June 14, 2021
The policy, known as the GMT, will punish any company that pays a lower tax rate than the global minimum by forcing them to shell out the difference to the country in which they are headquartered. The policy will also add extra retribution for companies that sell their goods and services overseas, requiring they pay tax in countries they are not physically present.
The G-7 is made up of the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan. The group plans to hammer out of the details of the GMT in a meeting with 20 world leaders next month.
The United Nations and other globalist entities have praised the world leaders for their anti-business commitment to a global minimum tax.
The G7 has taken an important step by committing to a global minimum corporate tax of at least 15%.
This is an unprecedented decision that will go a long way to increase the availability of resources urgently needed to respond to the #COVID19 pandemic and recover better.
— António Guterres (@antonioguterres) June 7, 2021
Biden has offered support for a plan to increase the U.S. corporate tax rate to 21% from 28%, along with a number of other increases for middle class Americans, despite claiming the opposite. An economic report released last year revealed the plan would raise taxes by $3.4 trillion on Americans and corporations over the next decade.
Economic reports project Biden’s anti-business platform would raise federal spending by nearly $6 trillion by 2030 — roughly one quarter of America’s GDP.
Reports find that while 80% of Biden’s tax increases would impact the wealthiest Americans, his platform would bring with it the largest federal budget increase since 1972 when Democrat presidential nominee George McGovern vowed to deliver a guaranteed minimum income to all Americans.
Conservatives have railed against the cooperation between G7 leaders, claiming a minimum tax would seriously impact Western competition with other countries not a part of the globalist pact.
With the G7 agreeing to global minimum tax rates for corporations, any other smart country will immediately lower its corporate tax rate and reap the benefits.
— Ben Shapiro (@benshapiro) June 7, 2021
Author: Sebastian Hayworth
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