The Corporate Tax Extortion Racket
They intend to consolidate wealth among themselves at our expense.
by Connor Tomlinson
November 8, 2021, 10:08 PM
World leaders assembled gas-guzzling fleets of tinted-window limos last week, and drove like a funeral procession for fiscal responsibility to a G20 summit in Rome. President Joe Biden’s alleged “bathroom accident” in the Vatican overshadowed the most important story out of this preliminary meeting prior to COP26. The international great and good agreed to impose a 15 percent corporate tax rate in an attempt to prevent a global “race to the bottom.” But the real plummet from this summit will be in opportunities for working people, as increasingly corporatist leaders chase market competition and investment overseas.
The plan’s 136 signatories include the U.S., U.K., China, India, and all EU member states. Britain’s Chancellor Rishi Sunnak stated it will “upgrade the global tax system for the modern age” by forcing “large global players [to] pay their fair share.” Treasury Secretary Janet Yellen likewise praised her pet project as an accomplishment for “economic diplomacy.”
Of course, the flat tax set for adoption in 2023 means costs will be internalized preliminarily by businesses. Either wages will be deducted and low-level occupations cut (particularly as automation increases), or consumers will see goods prices rising, alongside the inflation already hitting pocketbooks.
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https://spectator.org/the-corporate-tax-extortion-racket/
