Should America Adapt to a Global Minimum Tax?
I know for a fact I am no economist. I do know we are all taxpayers, able-bodied and the disabled community alike. I do know athletes and sports franchises have to pay their taxes as well, which is why any financial news feels worth blogging and even podcasting about.
The frustrating thing about rising taxes is that it deflects from the real issues. Why should the American taxpayer feel the brunt of a disrupted supply chain when those costs should be foisted on the companies who have been slowed up and yes even China. China of course led the disinformation campaign on COVID-19 yet we have not asked them to pay their fair share for the deaths and destruction and loss of income.
Yet, the G20 could be adopting an Accord that will be asking 136 countries to impose a MINIMUM 15% tax on profits made by companies making over 150 BILLION DOLLARS. Sounds like a fair share, right? What if , I mean what if countries taxed them beyond just 15%, say 25% ? Possibilities are endless when it comes to taxing companies at a minimum. You can read more on this through Reuters (https://www.reuters.com/business/oecd-says-deal-global-minimum-corporate-tax-rate-has-been-reached-2021-10-08/)
I admit I like the idea of discouraging corporate inversion , which according to Reuters this minimum tax would do , “many governments want more than ever to discourage multinationals from shifting profits — and tax revenues — to low-tax countries regardless of where their sales are made.” Yet, the idea that this will just hit big corporations feels like a farce. I could see hard working American small business owners who have a company that works around the world being hit with this .
Anything ‘Global’ isn’t for the American, I heartily believe that! We aren’t the Global States of America ! We are the United States of America who help out around the globe where and when needed.
Our government should not pre-occupy ourselves with this kind of foreign affairs. We need to figure out a way to keep from our companies being hacked and work to fix this supply chain without paying a ransom! Stop using COVID as a way to tax us , America !
Americans won’t let the government wear us down completely! We have a first amendment to speak out and a ballot box to fill!
America’s destiny remains in the voter’s hands, I do believe that!