The move towards globalism is marching full steam ahead.
On Saturday, finance ministers from the world’s 20 largest economies met in Venice and announced that they had agreed to a “more stable and fairer international tax architecture.” The announcement comes just a week after 130 countries agreed to a proposal for a worldwide minimum tax, which Biden has been backing since taking office.
Biden’s administration and the anti-American Globalists are rejoicing. Janet Yellen, Secretary of the Treasury, praised the efforts in Venice. The German finance minister said “it will be implemented and we will have built this international taxation system for the 21st century.” France’s finance minister added “there is no turning back.”
The unprecedented plan, if enacted, would drastically reshape the tax landscape around the world, especially in the US. It would establish a global 15% minimum tax. Proponents of the plan say that it will limit large corporations saving billions of dollars by shifting profits into tax havens. This, coupled with Biden’s plan to pass competition-crushing corporate tax increases reflects the desire of foreign nations to profit off of American companies for operating in their countries.
One of the last G20 holdouts for the tax was China. They have been opposed to agreements that would limit setting tax policy as they see fit. The deals now include significant room for countries to add-in exemptions from the global minimum taxes, laying the groundwork for China to sign on and not be required to follow any of the terms.