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Jerusalem Post Opinion G7 global tax rate lays ground for global wealth confiscation - opinion Rogue nations will become more competitive than countries forced to follow the rules. By DARLENE CASELLA JULY 12, 2021 21:40 US President Joe Biden walks with Italian Prime Minister Mario Draghi, France’s President Emmanuel Macron and European Commission President Ursula von der Leyen after posing for the group photo at the G7 summit, in Britain last month. (photo credit: PATRICK SEMANSKY/POOL VIA REUTERS) One-world advocates rejoice that US President Joseph Biden has led the first step toward wealth confiscation – a global economy which would change the amount of tax which corporations pay, and to whom. 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). Calculating taxes (photo credit: INGIMAGE) 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. The writer is an internationally published author, a former English teacher, stockbroker, and owner/president of a small corporation. She is active with Federated Republican Women, the Lincoln Club, and the California Republican Party and can be reached at [email protected] Tags business Joe Biden economy Donald Trump taxes tax Popular in the Community Your e-mail address Subscribe for our daily newsletter By subscribing I accept the terms of use and privacy policy Hot Opinion Lapid must keep eyes open when dealing with EU - editorial By JPOST EDITORIAL Opposition maneuvers represent nadir of Israeli politics - opinion By DAVID BRINN My Word: Presidents and present-day politics By LIAT COLLINS President Isaac Herzog’s grand entrance - opinion By RUTHIE BLUM Israel must split attorney-general role to ensure rule of law - By YEDIDIA STERN Most Read 1 Coronavirus: New 'Lambda' variant causes concern for WHO 2 Haredim, not Arabs or Iran, are the biggest threat to Israel - opinion 3 Pfizer, Israel agree: New COVID vaccines coming August 1 4 Fire in ship at Dubai's Jebel Ali port now extinguished -authorities 5 Lavish Second Temple period building found by Western Wall in Jerusalem Reporters' Tweets 2h 2h 2h Diplomatic push is on to prevent another Israel-Hamas war in Gaza m.jpost.com/arab-israeli-c… Replying to @HerbKeinon Israel should make the same claims and demand Turkey end its conflict and illegal occupation of Afrin in Syria and that if Ankara leaves then that could help the ties. Turkey seeks to meddle in other conflicts so it should be held to same standard Shots fired at the car of lawyer Nawal Darmousa near Ramallah. No one hurt. She had denounced the death of activist Nizar Banat and accused the Palestinian Authority of torturing and killing Palestinians. 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Jerusalem Post Opinion
G7 global tax rate lays ground for globalwealth confiscation - opinionRogue nations will become more competitive than countries forced to follow therules.
By DARLENE CASELLA JULY 12, 2021 21:40
US President Joe Biden walks with Italian Prime Minister Mario Draghi, France’s President Emmanuel Macron andEuropean Commission President Ursula von der Leyen after posing for the group photo at the G7 summit, in Britain
last month.(photo credit: PATRICK SEMANSKY/POOL VIA REUTERS)
One-world advocates rejoice that US President Joseph Biden has led the firststep toward wealth confiscation – a global economy which would change theamount of tax which corporations pay, and to whom.
Biden, French President Emmanuel Macron, Canadian Prime Minister JustinTrudeau, British Premier Boris Johnson, Italy’s Mario Draghi, and JapanesePrime Minister Suga Yoshihide are leaders of the G-7 team working toward aglobal cartel of government taxation and for a global minimum tax rate(GMTR).
Calculating taxes (photo credit: INGIMAGE)
The GMTR would be administered by a Paris-based group, the Organizationfor Economic Cooperation and Development (OECD), an inter-governmentalglobal policy forum that was founded in 1961. Its stated goal is to identifyproblems and to coordinate domestic and international policies for“economic and social well-being of people around the world.” A GMTRwould bring about a surrender of the financial sovereignty of the UnitedStates, as well as such sovereignty of other nations, to OECD bureaucrats.
The chair of the US House Ways and Means Committee Richard Neal, andDemocrat Senate Finance Committee Chairman Ron Wyden, released acongratulatory statement on July 1 to Biden and Treasury Secretary JanetYellen, because more than 100 countries have agreed to support a GMTR ofat least 15%. OECD expects the plan to be finalized in October 2021, with a2023 start date.
Grover Norquist, president of Americans for Tax Reform, warns against aglobal minimum tax: “Cartels that keep prices high hurt consumers. Creatinga tax alliance of governments to avoid tax competition is bad for citizens andfor taxpayers.”
Rogue nations will become more competitive than countries forced to followthe rules.
It is naïve to believe that China and Russia will abide by the rules. China hasagreed to the GMTR framework, but is pushing for exemptions in the samemanner that they successfully obtained exemptions for emission standards.
Former US president Donald Trump’s plans to entice companies to return tothe United States with a carrot of reduced corporate taxes have beenderailed. Biden’s plan is a GMTR stick in the eye to internationalcorporations, and it will make the United States less competitive in theworld.
The US Constitution gives a president the right to make internationaltreaties. Treaties must be presented to, and ratified by, the Senate.Subjecting the United States to an international GMTR administered by theOECD would constitute an international treaty, according to experts such asDaniel Burn at the Tax Foundation think tank. Former Treasury official ManalCorwin is of the opinion that American participation in a GMTR can be donethrough budget reconciliation procedures with the approval of both housesof Congress. Republicans, convinced that countries have the right todetermine their own tax policies, will provide opposition.
The Boston Tea Party was a protest in Massachusetts in 1773. The Sons ofLiberty opposed tea taxes as a violation of their rights. “No taxation withoutrepresentation” meant that they could be taxed by their own electedrepresentatives, but not by the British Parliament. One could make the sametaxation-without-representation analogy to international corporations beingsubjected to a global minimum tax rate by an inter-governmentalorganization headquartered in Paris.
Prime Minister Victor Orban of Hungary has been formidable in hisopposition 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, theGrenadines and Peru have joined the opposition. They value independencein tax policy, and posit that the GMTR is an absurd bill that will hurtbusiness-friendly countries and harm their ability to attract investment andjobs.
Only Voltaire’s Candide would believe that a success with GMTR would stopat global corporate minimum taxes. The one-world globalist bureaucrat taxcrocodiles will quest to dip into income taxes, sales taxes, and any mannerof new forms of wealth confiscation to empty our pockets and limit ourfreedoms.
“An appeaser is one who feeds a crocodile, hoping it will eat him last,” saidSir Winston Churchill.
The writer is an internationally published author, a former English teacher,stockbroker, and owner/president of a small corporation. She is active withFederated Republican Women, the Lincoln Club, and the CaliforniaRepublican Party and can be reached at [email protected]
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