G7 global tax rate lays ground for global wealth confiscation - opinion

Biden, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, British Premier Boris Johnson, Italy’s Mario Draghi, and Japanese Prime Minister Suga Yoshihide are leaders of the G-7 team working toward a global cartel of government taxation and for a global minimum tax rate (GMTR). 

The GMTR would be administered by a Paris-based group, the Organization for Economic Cooperation and Development (OECD), an inter-governmental global policy forum that was founded in 1961. Its stated goal is to identify problems and to coordinate domestic and international policies for “economic and social well-being of people around the world.” A GMTR would bring about a surrender of the financial sovereignty of the United States, as well as such sovereignty of other nations, to OECD bureaucrats. 

The chair of the US House Ways and Means Committee Richard Neal, and Democrat Senate Finance Committee Chairman Ron Wyden, released a congratulatory statement on July 1 to Biden and Treasury Secretary Janet Yellen, because more than 100 countries have agreed to support a GMTR of at least 15%. OECD expects the plan to be finalized in October 2021, with a 2023 start date. 

Grover Norquist, president of Americans for Tax Reform, warns against a global minimum tax: “Cartels that keep prices high hurt consumers. Creating a tax alliance of governments to avoid tax competition is bad for citizens and for taxpayers.” 

Rogue nations will become more competitive than countries forced to follow the rules. 

It is naïve to believe that China and Russia will abide by the rules. China has agreed to the GMTR framework, but is pushing for exemptions in the same manner that they successfully obtained exemptions for emission standards. 

Former US president Donald Trump’s plans to entice companies to return to the United States with a carrot of reduced corporate taxes have been derailed. Biden’s plan is a GMTR stick in the eye to international corporations, and it will make the United States less competitive in the world.

The US Constitution gives a president the right to make international treaties. Treaties must be presented to, and ratified by, the Senate. Subjecting the United States to an international GMTR administered by the OECD would constitute an international treaty, according to experts such as Daniel Burn at the Tax Foundation think tank. Former Treasury official Manal Corwin is of the opinion that American participation in a GMTR can be done through budget reconciliation procedures with the approval of both houses of Congress. Republicans, convinced that countries have the right to determine their own tax policies, will provide opposition. 

The Boston Tea Party was a protest in Massachusetts in 1773. The Sons of Liberty opposed tea taxes as a violation of their rights. “No taxation without representation” meant that they could be taxed by their own elected representatives, but not by the British Parliament. One could make the same taxation-without-representation analogy to international corporations being subjected to a global minimum tax rate by an inter-governmental organization headquartered in Paris. 

Prime Minister Victor Orban of Hungary has been formidable in his opposition to the global minimum tax. Hungary has a 9% corporate tax. Tax-haven countries such as Cyprus, Ireland, the Netherlands, Luxembourg, Barbados, Estonia, Ireland, Kenya, Nigeria, Sri Lanka, St. Vincent, the Grenadines and Peru have joined the opposition. They value independence in tax policy, and posit that the GMTR is an absurd bill that will hurt business-friendly countries and harm their ability to attract investment and jobs. 

Only Voltaire’s Candide would believe that a success with GMTR would stop at global corporate minimum taxes. The one-world globalist bureaucrat tax crocodiles will quest to dip into income taxes, sales taxes, and any manner of new forms of wealth confiscation to empty our pockets and limit our freedoms. 

“An appeaser is one who feeds a crocodile, hoping it will eat him last,” said Sir Winston Churchill.