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Last Friday, in a triumph for transnationalism, 136 nations, including the U.S., agreed to mandate a global corporate income tax for all nations that will not be allowed to fall below 15%.

“Virtually the entire global economy has decided to end the race to the bottom on corporate taxation,” said Treasury Secretary Janet Yellen, who negotiated the pact.

Betraying a nervousness as to how such a minimum corporate tax, dictated by globalists, will be received in Congress, Yellen urged that it be adopted “swiftly.” Yellen is right to be nervous.

The tax proposal is a giant leap forward toward a globalism that America has rejected, and its defeat should be made a priority of libertarians, conservatives, populists and nationalists alike.

What is this “race to the bottom” that so terrifies Yellen and her globalist allies? Simply the worldwide competition of independent nations to offer lower tax rates to entice successful companies to relocate to their shores and bring their jobs with them.

Yellen’s “race to the bottom” is as American as apple pie.

High tax rates, corporate and personal, in states such as New York, New Jersey, Illinois and California have proven to be incentives to companies to pick up and relocate to low-tax states such as Texas and Florida.

That 15% global corporate tax rate is designed to prevent this competitive taxation, the beneficiaries of which are companies that have moved to countries such as Ireland, which has a corporate tax rate of 12.5%. The Irish corporate tax rate is less than half of the 28% Yellen and President Joe Biden have in mind to impose on the USA.

Why would free-market and free-enterprise Republicans vote to lock into U.S. law a corporate tax rate dictated by agents of the New World Order?

To sign on to this 15% minimum tax would be to surrender our freedom of action to set our own tax rates in accordance with the values and beliefs of the party and administration the people vote into power.

Why would a great nation, especially this nation, agree to give up its freedom of action and have its surrender written into its national law and ratified by treaty?

Why forfeit a sovereign right to cut corporate taxes when and to whatever level we wish? Why deny ourselves a competitive advantage that can be gained by unilaterally cutting corporate tax rates?

Assume the rest of the world embraces this minimum corporate tax of 15% and the U.S. — to recapture and restore a manufacturing base we gave away to China — answered the world with a corporate tax rate of 7% or 8%.

Transnational companies would beat a path back to America’s door.

While globalists might be appalled, why would nationalists give up irrevocably the freedom to act?

In the Trump era, a cut in the U.S. corporate tax rate to 21% helped to create one of the great booms of the modern era, before the pandemic struck in March 2020. Earlier that year, unemployment in all categories was at record lows.

As Ronald Reagan taught, corporations do not pay taxes; they collect them. They get them out of the revenue they receive from the customers who buy their products and services.

The corporate taxes of Ford and General Motors come out of the prices that are charged to buyers of Ford and GM cars and trucks.

And the corporate profits are a primary source of higher wages and salaries, bonuses, and the investment capital companies need to grow and create new jobs.

It is an article of faith among Republicans that lower taxes, personal and corporate, generate greater economic activity and prosperity. And that tax hikes are the ways and means by which rapacious governments consume the seed corn of an economy.

A second provision to which the 136 nations agreed is to have the profits of the world’s largest corporations reallocated to the countries where their goods are sold and services are provided, not to the countries where they are located.

“Under the agreement,” The New York Times writes, “technology giants like Amazon, Facebook and other big global businesses will be required to pay taxes in countries where their goods or services are sold, even if they have no physical presence there.”

Adds the Times: “The separate tax aimed at the technology giants will reallocate more than \$125 billion of profits from the home countries of the 100 most profitable firms in the world to the markets where they operate.”

Why would an America First party inside the USA, home country to more tech giants than any other, sign on to a plan that would transfer tax revenue away from the U.S. Treasury into the exchequers of foreign lands?

ORDER IT NOW

The GOP should use this moment to re-declare our independence when it comes to our internal taxation on individuals and institutions in the United States, and reassert that we will decide the proper rates here, and not subject to the veto of any other nation. The U.S. is not the EU.

Patrick J. Buchanan is the author of “Nixon’s White House Wars: The Battles That Made and Broke a President and Divided America Forever.”

 
• Category: Economics • Tags: Globalism, Taxation 
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  1. Whether or not you agree with this 15% minimum Corp tax (a nonsense as it assumes the 15% will actually be collected) the fact clearly emerges — after all the virtue signalling about “freedom”, “nation” etc, Libertarians always resolve down to Dogs for the Corporate Interest. (& why not? Let the fucking stupid middle classes pay all the taxes — nothing should stand btwn the C suite & extra remuneration…..)

  2. Corporations are the only ones that should be paying any kind of tax on earnings.
    The percentage should obviously reflect the needs of the society that corporation desires to service.
    All personal income tax and property taxes need to be abolished.

    • Agree: Chris Mallory
    • Replies: @Realist
    , @rgl
  3. Realist says:
    @Swollen Goat

    Corporations are the only ones that should be paying any kind of tax on earnings.

    Corporations never pay taxes…the people who buy their products do.

    • Agree: The Anti-Gnostic
    • Replies: @Chris Mallory
  4. Whatever tax a corporation pays comes out of its revenue stream. That revenue stream relies on customers that purchase their product or service. Therefore, if one looks closely enough, the moneys paid by a corporation are moneys collected from human beings. In essence, corporations are silent tax collectors for gov’t and never actually pay a cent. Any money they convey to gov’t as part of their tax liability is money they collected from people. Whatever tax they “pay” is simply buried in the price of their product or service. Human beings eventually pay every cent of tax. The corporation is a convenient middleman to hide the true tax rate from the population.

    Those that want corporations to pay taxes are really advocating for the continued con game gov’t use to keep people ignorant of who actually pays in the end.

    Think this through. Only people ever pay taxes in the final analysis. Corporate taxation is simply a pass through on to the consumer. If corporations paid no taxes, then gov’t would have to be honest and avoid that middleman and jack up the tax rate people pay to get the same revenue stream. That might cause a revolt once people realized how they’ve been bamboozled for most of their lives.

    If corporations paid no tax, competition would ensure that over a very short interval, prices for products and services would go down to reflect their loss of a tax liability. Gov’t would then increase personal taxes to make up the short fall. In the end, the people pay the same amount in taxes, but the deception has been removed. With a higher tax rate, more people might object and reign in profligate gov’t spending.

    • Agree: Max Maxwell
    • Replies: @rgl
  5. Dont worry Pat; the Republicans will be in control of Congress in 15 months and Biden or Harris will almost certainly be replaced by a Republican in three years. This Global tax will never happen.

    • LOL: Realist
  6. rgl says:
    @Swollen Goat

    All personal income tax and property taxes need to be abolished.

    Lets say you get elected King/Queen of the world. You abolish all personal and property taxes.

    Who, though, pays for the schools, the hospitals, the roads, the grid, the military (so beloved by America) and all the rest of the things that society pays for through their taxes?

    The Corporate? We cannot get to a point where they even pay taxes.

    Everybody wants everything, yet nobody is willing to pay for anything.

    Sounds like Utopia, right?

    • Replies: @Chris Mallory
  7. rgl says:
    @RoatanBill

    You are smarter than the average bear ….

    • Thanks: RoatanBill
  8. Rurik says:

    Why would free-market and free-enterprise Republicans vote to lock into U.S. law a corporate tax rate dictated by agents of the New World Order?

    um..

    because they’re self-serving, soulless whore who’ve been betraying the people of this country ever since they started slurping the slop flowing in the DC \$lop trough?

    and they’d betray their own mothers to pander to the ((people)) who can make or break their ambitions?

    American sovereignty doesn’t exist, and hasn’t since I’ve been alive.

    What nation goes to wars based on obvious lies, and spends untold trillions while getting untold tens of thousands of its citizens slaughtered or maimed on its enemy’s behalf, while forcing its citizens to fund a hostile invasion of its lands at the direct opposition of its people?

    An occupied nation, that’s who!

    Who here thinks Joe Biden calls the shots in DC, eh?

    Vs. ((Yellen)) and her fellow supremacists at the Fed / ECB = House of Rothschild.

    Who here thinks Mitch McConnell is looking out after America’s interests?

    (I had to laugh just writing that one ; )

    They may not get it this cycle, but they’ll get it.

    Because Mitch McConnell (and Paul Ryan and Dubya and the rest of them), can still live their lives in this country without being held to account for their serial treasons.

    When you bask in endless perks and benefits for betraying your nation and your people over to their enemy, and there’s virtually no negative consequences, then it’s sort of a no-brainer for a man like McConnell or the rest.

    • Agree: Exile
  9. SafeNow says:

    The tax proposal is a giant leap forward toward a globalism that America has rejected

    I don’t understand this. I thought President Trump was nationalistic and and rejected globo. And that the Dems are the ones who have embraced globalism; open borders and so on. Wouldn’t an accurate statement say that HALF of America has been rejecting globalism, and half has been embracing it?

    • Replies: @Weaver
  10. Yee says:

    Corporations can move, but workers don’t have a choice. So you tax the workers not the corporations… Wow, that’s clever.

  11. Yee says:

    RoatanBill,

    Whatever tax a corporation pays comes out of its revenue stream. That revenue stream relies on customers that purchase their product or service

    Yes, you should tax the product, which is a newly created wealth, not the labor(wage) that create the wealth.

    Whoever consumes a product should pay the tax, the labor that makes it shouldn’t.

    • Agree: Weaver
  12. Mr. Buchanan is barking up the wrong tree.

    When the Usual Suspects strong-armed Switzerland into giving up their
    bank secrecy it wasn´t “to fight tax evasion, drug trade and terrorism” (yeah, right)
    but to force more of the hot money (drug pushers and African potentates, mostly)
    into their own, even more secretive Trust system thereby propping up the \$\$\$;
    IOW the Crusaders wanted to get rid of the competition, as usual.

    – And so it is this time; between them Wall St. and the City run an easy 3/4
    of the tax haven Schmutzkonkurrenz, shitty little islands with no other purpose
    than enabling the (((international))) capital´s machloikes.
    They could end it with a flick of the hand, but that´s not the intent
    (otherwise let China deal with Hong Kong, France with the Channel Islands etc.).

    It makes more sense to make them pay where they make their rebbach
    not ideal but better than what the Marxists (ow!) call “capital overproduction”
    (which clearly is the current problem).

  13. People who want to raise taxes on the rich — in this case, rich corporations — ignore a couple things. First, they somehow never have institutions for the rich (like Harvard) in their sights, and second, when taxes on the rich go up, taxes on the poor are likely to go up as well. The latest instance of this here in America is that the current administration wants banks to monitor all bank transactions of more than \$600, as though poor people never had transactions of more than about twenty bucks. Transactions of \$600,000 I could understand, but \$600? What are they thinking? Plus, it will cost the banks money to do this, which will be made up by imposing fees of some sort that will hurt the poor more than the rich.

    • Replies: @Weaver
  14. Weaver says:

    : https://www.chroniclesmagazine.org/taxation-for-economic-survival/

    David A Hartman proposed replacing the income tax with a border adjusted VAT. The link might be to the original Chronicles article, final draft posted in 2006 but lost to the Internet currently.

    All tax would be paid by businesses. The rich would face much weaker taxes, but the pressure to invest in the US would help workers if immigration were kept down. It’s a much better system but required tax rebates to reduce load on the poor. No more FICA and FUTA.

    If Pat wants America First, Hartman had the platinum standard. I believe 17.5% VAT was his number to replace the income tax, but even 23% would be fine since investment would flow into the US, improving incomes.

    Keep in mind, inflation is also a tax on the poor. Deficit spending should be illegal.

    • Replies: @nokangaroos
    , @Anonymous
  15. Weaver says:
    @John Pepple

    Voters of both parties want a large middle class, a fair system that rewards hard work and respects private property. But voters get tricked. Congress doesn’t even read most bills now.

    If voters better understood labor economics, they’d be much more opposed to mass immigration.

  16. Weaver says:
    @SafeNow

    There seem to be 4 parties. Trump pulled enough support to win twice, but there seem to be two establishment parties, two American parties. Some Bernie supporters hated Clinton. Trump didn’t pick up much Bernie support, but they thought about supporting him.

    There waa potential for Trump to appeal more widely, a truly populist appeal. But he was called racist. Politics is tricky.

    It’s akin to getting Israelis and Palestinians to work together against a common enemy. People will follow a leader in multiple directions. Many if not most voters don’t have a clear camp; they just follow.

    Voters generally want what someone like Pat Buchanan has to offer, with one exception. Pat doesn’t promise enough free stuff. There is potential, perhaps always will be potential, for a populist revolution in the US.

  17. @Weaver

    Inflation is a key point …

    most people overlook that Bretton Woods already was a racket –
    in essence America went on a spree with the world as collateral, exporting inflation;
    it worked (for Americans) until de Gaulle called their bluff; with the closing of
    the gold illusion window the pain got closer to home, and real wages
    have stagnated (at best) ever since.

    So, where do you propose to put the knife? It has to be big, not some intersectional art workshop.

    – Social security? While this bolsters Ron´s pet theory of the Rona it might be a hard sell.
    – The armed forces? Sorry, but it´s the only thing propping up the \$\$\$.
    It would have been game over ~1989 had Japan not been forced at gunpoint to bail out the NYSE, to be rewarded with the “lost decade” and a debt rate almost triple the US one.
    – ADOS? Roughly as expensive as the former and of no use, but good luck.

    – Curbing immigration alone won´t do jack as long as capital is free to move to
    Bangladesh (Second Law of Thermodynamics).

    • Replies: @Weaver
  18. Weaver says:
    @nokangaroos

    I’d cut defence to \$50b. The US needs nukes, missiles, a few planes and subs. That’s it. If the coast guard and ICE need more, then they should be given all they need to keep the US safe. “No standing army.”

    The US is vulnerable to EMP, things like that. Hardening the US, as Switzerland famously hardened itself, might be prudent.

    Notice the VAT I mentioned is border adjusted. It’s a WTO legal indirect trade tariff. The US currently uses tariffs; everyone uses them and always has. Those could be increased. The reason no one talks about this is it is real politics. We’re supposed to talk about Trump’s hair, not real things. Ian Fletcher wrote an excellent book against free trade, explaining protectionist trade. Paul Craig Roberts also has a good book on trade. Many such books are out there.

    Read what you can of the paywalled article I linked, if you will.

    • Replies: @nokangaroos
  19. Dumbo says:

    I’m against all income tax and most property tax for the average person.

    You could still tax products and services.

    Taxes on capital, and taxes on anyone who makes millions or billions is fine too.

    But this corporate tax seems a scam. Those guys don’t ever pay taxes.

    • Agree: Chris Mallory
  20. @Realist

    The people never pay taxes, the corporations who pay the wages do.

    • Replies: @Realist
  21. @rgl

    Who, though, pays for the schools, the hospitals, the roads, the grid, the military (so beloved by America) and all the rest of the things that society pays for through their taxes?

    The parents who send their child to a school should pay tuition to support that school.
    Hospitals? Both my local hospitals are run by religious organizations. Together they share the operation of the ambulance service.
    The roads, tolls or taxes on gas can pay for them. For bicyclists and electric car owners, keep them off the roads.
    The Grid? The power companies do quite a nice job without tax money.
    The military? Let the corporations that the military serves pay for them. For national defense, a citizen’s militia forbidden from ever going overseas would be best.
    Cops? I don’t need or want them.
    Fire fighting? Volunteers supported by the insurance companies.

  22. Exile says:

    In this thread, Pat seems to believe that multinational corporations make decisions based on profit. He also assumes that the U.S. Congress will act in the interests of American voters and that having these companies “back in America” would be meaningful or beneficial. These assumptions are very outdated and flawed.

  23. @Weaver

    (I do not regard Charles the Mediocre Saxon Slayer as an integration figure, and as far as my economic interests go I lean towards Gustav Ruhland.)

    – True that everything is political; the US has taken over (and refined) the British model: As they used to say under Queen Vicky, “Trade follows the flag”, translate: Unless you put a gun to his head no one is gonna buy your shit (if the Germans are cheaper and better). As a result Britain bankrupted herself with the Navee, holding onto free trade on principle long after it had become ruinous (here it should be noted the British argued for “free” trade only when they wanted a piece of the Dutch one).

    – The US rose to omnipotence because all the competition was bombed flat, something that had previously favoured the British and is unlikely to be repeated but the ensuing bind is the same … slack on the military, and the entire system (running on fumes as is) comes crashing down; keep up what is in effect a protection racket, and your industry will suffer even more than it does now. Triffin´s Paradox is a harsh mistress 😀

    … sooner or later a Little Britain existence of rotting in your own juices, selling fantasy-priced stocks to each other, is inevitable anyway so your ideas make sense – it´s just that a World War is more likely.

    • Replies: @Weaver
  24. Weaver says:
    @nokangaroos

    The sooner the US begins to rebuild, the better. Thanks to Covid, supply chains are already disrupted and very partially returning to the Americas if not to the US.

    The Brits came to believe in free trade as an article of faith. I assume some were making too much money from it to change. The parts were benefiting at the expense of the whole. In the US, the parts are benefiting, but our future is rotting away.

    You don’t seem to fully understand how the US empire works. The US pays Japan a bribe to follow. The US pays South Korea too. India receives a share, also gets to send workers to the US. That is how the empire works. The US pays out bribes in the form of trade. When bribes don’t work, it uses threats, like against Australia. The US intervenes directly, with money more than soldiers, when it wants a change.

    The US government is addicted to the rush of being in charge. It cannot last forever. They do not at all have Americans’ futures in mind.

    With Covid, we see how the drug companies dominate the US. With foreign policy, we see how the defence companies dominate. Profit, control. They don’t serve the interests of Americans.

    Regarding schools of thought, a person has to switch within multiple. Economics is part of political science. As Russell Kirk taught, reject ideology, focus on what’s important. Ruhland seems potent, but I don’t read German, sadly.

    • Agree: nokangaroos
  25. Trust the Schwience

    • Replies: @Chris Moore
  26. Renoman says:

    It won’t work, we all hate each other too much, Tower of Babel etc. The trick is to close the offshore banks and bring the billions home where we can get them from the billionaires whos reign must end. Yes Virginia there will be blood!

  27. Realist says:
    @Chris Mallory

    The people never pay taxes, the corporations who pay the wages do.

    Wrong. Corporations pay wages for work performed.

  28. Personal income tax will never be abolished, though it should. It’s a gold mine for careerist politicians who want to see boulevards, bridges and buildings dedicated to them. The 16th Amendment was from the very beginning one of the major sources of mischief-making.

    • Replies: @Weaver
  29. Corporations act across borders so require transnational cooperation

    America isn’t surrendering rights by freely entering an agreement it can walk away from. It won’t be invaded for doing so,

    One can see why the Amerikaner has been fully subjugated

    An inability to fully appreciate the implications of trans oceanic tankers and air travel being one, among many problems।।

    ਵਾਹਿਗੁਰੂਜੀਕਾਖਾਲਸਾਵਾਹਿਗੁਰੂਜੀਕੀਫਤਿਹ

  30. Chris Moore says: • Website
    @Priss Factor

    Fauci and his ((Jew)) string-pullers at the ((Milkin)) Institute (named for notorious insider trader ((Michael Milkin)) ) laid out the conspiracy right there.

    This is how ((Jews)) openly conspire. They act like they’re talking theoretically and academically, but in reality they’re communicating their plots to insiders, who then put them in motion.

    This, in a nutshell, demonstrates the global threat, atrocities, and potentially life destroying conspiracy created by “tolerance” for ((Jews)) and their sociopath goyim lackeys.

  31. Anonymous[139] • Disclaimer says:
    @Weaver

    Hmm, don’t tax me, don’t tax thee, tax the fellow behind the tree, dump the IRS in its entirety a two percent tax on all financial transactions seeing we are now a financial economy add a graduated twenty percent flat tax with no exemptions would solve the problem very well.

    • Replies: @Weaver
  32. Anon[159] • Disclaimer says:

    What is going on?

  33. Weaver says:
    @Anonymous

    The idea of his tax is to encourage investment. Consumption tax vs. income tax, and also trade protectionist. He includes a tax rebate, to reduce burden on the poor. It’s really a wonderful proposal. I’ve never in my life seen one better. I would adjust it today, but everything isnt about me.

    Financial transactions tax is a good idea. Ty.

  34. Weaver says:
    @Prester John

    The income tax rewards bad behaviour, provides the IRS with more information than it ought to have. There are some positives like Section 179 deduction, but even that’s abused.

    I have several books on VAT fraud. I need to better understand the problems, but Hartman’s proposal, and I cant remember how he improved on it in the 2006 update, has been a treasure of mine since it was published. Increase the tax rebate, and it might pass. The only thing better than free healthcare, which seems likely to pass this decade, is free money. And a VAT can only go up so high; the price increase would be seen.

    Something radical like that is the only way to radically change the tax system. That and collapse.

  35. JLK says:

    Sorry, Pat, being a conservative doesn’t mean you have to knee-jerk support international tax forum shopping for big corporations.

  36. Oh dear, Pat. It’s not nations honestly competing, it’s tiny states without a real economy and the jobs don’t get transferred, just an address. It’s like the pirate islands and robber barons of old who lived off other peoples’ work and produce and its revenue.

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