Former Treasury Department spokesperson Monica Crowley told “Mornings with Maria” Friday that the Biden administration and Treasury Secretary Janet Yellen are pushing for a “globalist tax scheme” that Americans will eventually have to pay the price for.
MONICA CROWLEY: If you’re in Ireland and you’ve been reaping all of the benefits of a relatively low corporate tax rate, why would you go along with this globalist tax scheme to raise it and put yourself back at a disadvantage? They won’t. So this whole scheme can only work if you get every country on the planet to agree.
Now, Biden and Yellen have had a lot of progress. They’ve got about 130 countries that have signed on, but it only works if it’s not full of holes like Swiss cheese. Now, this whole point, Maria, is to try to sink U.S. tax rates with those of high tax socialist European nations, which will have the effect of undermining international tax competition.
International tax competition has tended to drive down international tax rates and has historically benefited the United States. So, of course, Biden and Yellen hate this kind of international tax competition and they’re trying to kill it. But who’s going to pay the price in the end? All of us, with higher prices and less investment, and less innovation.
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