In yet another affirmation of who our country’s “leadership” actually serves, Joe Biden has committed to a 15% global minimum tax, as China seeks to be exempted from the deal.
CNSNews explains the impacts of the global minimum tax:
Large companies with profit margins above 10 percent could be taxed on at least 20 percent of the profit above that 10-percent level in countries where they make sales.
Rep. Kevin Brady (R-Tx) the ranking member of the House Ways & Means Committee, spoke with Fox News on Monday, “This is without question the biggest economic blunder in our lifetimes”.
“This is not, as the president said, a victory for America. It is a surrender.”
One Twitter used said what many have been thinking:
No minimum tax, no co2 limits.
Let's just let China dominate the future, what's the worst that could happen? pic.twitter.com/zidmiBl30X
— LuckyNumber9 (@LckyNmbrNn) June 10, 2021
Ultimately, Joe Biden hopes to impose a much larger minimum global tax. The proposed 15 percent is said to be just the starting point.