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| Home Front: Politix |
| The quiet new way Biden wants to tax you |
| 2023-07-20 |
| [FoxNews] Americans have already been crushed by inflation caused by the Biden administration. But now, they want to add fuel to the fire by giving American taxes to foreign countries, raising costs for Americans, and sticking us with the bill for funding a global socialist agenda. Over the past two years, President Biden and Treasury Secretary Janet Yellen have negotiated a global minimum tax through the Organization for Economic Co-Operation and Development (OECD). This organization surrenders America’s sovereignty over our tax code and allows foreign countries to take our taxes that were meant for our own essential programs and military. In short, Biden and Yellen were failures in their tax negotiations. Now Republicans in Congress must clean up their mess. At a time when the United States is actively vying to stay competitive in a rapidly evolving global economy, allowing American businesses to be subjected to mandatory foreign taxes that would pay for woke, green policies in other countries are irrational and absurd. "Globalists" will tell you this is better for the American economy. They are wrong. Until last year, the United States was the only country in the world with a global minimum tax. Here at home, U.S. corporations already face a 21% tax rate. Congress has a long history of using the tax code to incentivize certain behavior from businesses and individuals. Biden top economic adviser pushing for a 'global corporate tax minimum'Video We cannot give up our right to use the tax code to promote our own interests. If we force businesses to pay taxes to other countries, America’s economy will shrink while other countries’ will grow. All 25 Republicans of the Ways and Means Committee sponsored the Defending American Jobs and Investment Act. This bill requires the Treasury Department to identify taxes enacted by foreign countries that attack U.S. businesses, like the Undertaxed Profits Rule (UTPR). The UTPR’s goal is to force countries to enact the OECD plan for global socialism and collect more tax dollars from American businesses. The OECD is actively working against American interests, even while the United States funds 20% of its yearly budget. Republicans in Congress have promised to end all funding for the OECD if it continues along this dangerous path. Republican Carol Miller represents West Virginia's Third Congressional District in the U.S. House of Representatives. |
| Posted by:Skidmark |