DON'T STOP IT, REPLACE IT WITH A MINIMUM CONSUMPTION TAX:

The Biden administration has been working with foreign governments to set a global minimum tax rate on American businesses.  

Why collude with our competitors to keep taxes on American businesses high? It does nothing to help American taxpayers, workers or, small businesses. This huge concession sets the stage for a global tax regime that rigs the system in favor of bigger government.

The proposed changes to the international tax rules contain two parts or "pillars." Pillar one would allow other nations to tax American businesses in ways that today's rules forbid. The United States would be one of the biggest losers when it comes to the effects of pillar one because it would give foreign governments the power to further raise taxes on American companies. 

Pillar two would require each country to keep their business taxes at 15 percent or higher. A cartel of tax collectors like OPEC was for oil prices. One can imagine how the opening bid of 15 percent will increase year after year. 

Treasury Secretary Janet Yellen has said this agreement will stop nations from competing by keeping taxes low. The United States will have to compete with China and Bangladesh by reducing wages. Limited wages rather than a limited cost of government.

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