Last Friday, in a triumph for transnationalism, 136 nations, including the U.S., agreed to mandate a global corporate income tax for all nations that will not be allowed to fall below 15%.
“Virtually the entire global economy has decided to end the race to the bottom on corporate taxation,” said Treasury Secretary Janet Yellen, who negotiated the pact.
Betraying a nervousness as to how such a minimum corporate tax, dictated by globalists, will be received in Congress, Yellen urged that it be adopted “swiftly.” Yellen is right to be nervous.
The tax proposal is a giant leap forward toward a globalism that America has rejected, and its defeat should be made a priority of libertarians, conservatives, populists and nationalists alike.
What is this “race to the bottom” that so terrifies Yellen and her globalist allies? Simply the worldwide competition of independent nations to offer lower tax rates to entice successful companies to relocate to their shores and bring their jobs with them.
Yellen’s “race to the bottom” is as American as apple pie.
High tax rates, corporate and personal, in states such as New York, New Jersey, Illinois and California have proven to be incentives to companies to pick up and relocate to low-tax