The most expensive tax in the history of the world has been proposed by the Obama administration and to hear them tell the story, you’d think the rest of us should be grateful.
“We want to create a global minimum tax,” said vice president Joe Biden, “because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home.”
A global minimum tax is a tax on all profits made by nominally US companies that operate overseas. They operate overseas for various reasons, but one big reason is because corporate taxes are higher in the US than overseas. And to fix high corporate taxes in the US, the Obama administration proposes even HIGHER TAXES on corporations.
Yes: Obama thinks American taxpayers should be forced to pay higher taxes for everything they buy inexpensively from overseas so Obama can subsidize only government approved activities.
Our vice president now posits that normal corporate and individual profits in the course of business outside of the US are “subsidies” given out by a benign government.
Oh, where have you gone Harry Truman? In terms of real subsidies, though, how come Biden doesn’t know that the government should be providing no subsidies at home or abroad?
That’s because, just like any other addict, Biden, Obama and their progressive friends refuse to understand that they have a problem when it comes to spending money.
Not content to tax the rich here in the United States, Democrats are so hungry for welfare revenues that they now want to tax all revenue, everywhere, ignoring international borders, international waters and universal common sense.
And guess who is gonna pay the tax? When they toll the bell “rich” during this campaign, understand that that bell tolls for thee.
Because, while the “rich” may be someone across town in the US, the “rich” in Obama’s global sense, is you. This is a tax that will fall most heavily on the poor and middle income earners.