President Obama unveiled his plan to implement a “global minimum tax” Wednesday.
“From now on every multinational company should have to pay a basic minimum tax. And every penny should go towards lowering taxes for companies that choose to stay and hire in the United States of America,” said President Obama.
The White House National Economic Council Director, Gene Sperling, Monday called for a global minimum tax “to ensure that nobody is escaping doing their fair share.”
“We will say more, perhaps not in gory detail, but in more detail, before the end of the month. And in terms of the revenues, the president is looking for shared sacrifice,” said Sperling.
MRCTV caught up with Sen. Rand Paul (R-Ken.) and Sen. Jim Inhofe (R -Ok.) and asked them how they feel about a global minimum tax.
“That’s not our problem,” said Sen. Inhofe. “He’s had four budgets so far and has had a deficit of a total of 5.3 trillion dollars.”
“Now they complain about inheriting some of this from Bush who over eight years had a 2 trillion dollar deficit, Obama in four years a 5.3 trillion dollar deficit. There is more than enough money but you never have high enough taxes to satisfy this president.”
“The President is confused on the whole idea of ‘paying your fair share’, and he is trying to divide Americans one against another” said Sen. Paul, “I believe in a more positive vision for America.”
America already has among the highest corporate taxes in the developed world, and a GMT will make them even higher.
Emerging economies like China and India focus on making their economies competitive rather than cede to neutral investment.
First, who would enforce this “global minimum tax”, the United Nations, which is riddled with bad management?
Secondly, a global minimum tax would cripple firms. It's imperative that the U.S. focuses on fixing our system to foster competition amongst American firms, rather than worrying about what the rest of the world is doing.
Finally, progressives and the Democrat party constantly complain about America being an imperial nation in regard to foreign policy, yet are proponents of mandating a tax code for the whole globe to adhere to.