One tax, one world, one tyranny

The media quickly credited Josef Biden with the idea, but 130 out of 139 countries have agreed on a world minimum corporate tax of 15%. Most, if not all, of these countries already charge more. It is like me giving up smoking for Lent, after I quit on April 2, 1987.

But there is good news. Ireland, Estonia, Hungary, Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria, and Kenya refused to sign the paper, old man.

The Epoch Times reported, "Irish Finance Minister Paschal Donohoe, whose country has attracted many big U.S. tech firms with its 12.5% corporate tax rate, said he would not join the other signatories but would still try to find an outcome he could back."

And the newspaper reported, "Mihaly Varga, the finance minister of Hungary, which has a 9% corporate tax rate, dismissed the 15% rate as too high."

Biden pushing a minimum corporate tax is ironic to the point of hypocritical because he is from Delaware, a state that low-balled the other 49 states to become the official state of incorporation for thousands of companies. They all have a post office box number to prove their residency.

The power to tax (or not tax) is essential to a nation's sovereignty. That is why Biden and the rest want the global minimum tax. It would create a pool of money to be disbursed by a bureaucracy accountable to no one.

The newspaper reported, "The two-pillar framework—the outcome of negotiations coordinated by the Organization for Economic Cooperation and Development (OECD) for much of the last decade—aims to force large Multinational Enterprises (MNEs) to pay tax where they operate and earn profits, while seeking to end a race to the bottom on international corporate tax rates.

"Pillar one would reallocate taxing rights on more than $100 billion of MNE profits per year from their home countries to the markets where they have business activities and earn profits, regardless of whether the firms have a physical presence there.

"Pillar two, with its global minimum corporate income tax rate of at least 15%, is estimated to generate around $150 billion in additional global tax revenues per year."

Expect to hear a lot about equity and colonialism in this go round as the money will fund many a banana republic leader.

Of course, the real power in all this is the power to not tax. Companies in America pay congressmen thousands to get million-dollar deductions and tax credits. At election time, congressmen promise to close the loopholes.

I imagine on a global scale, politicians could become as rich as Warren Buffett.

9 countries stood up to the world.

Good for them.