Biden and Yellen want to lead the world to less freedom!

WASHINGTON (PNN) - April 7, 2021 - Janet Yellen gave her first speech as Treasury Secretary this week and called on the world to adopt a global minimum corporate tax. Yellen’s message to the world reflects a major shift. Amerika once led the world toward freedom. Now the goal seems to be to lead the world to less freedom.

Yellen bemoaned a “30-year race to the bottom” as countries have slashed corporate taxes in order to attack multinational businesses. Of course, the real problem Yellen wants to address is the competitive disadvantage the Fascist Police States of Amerika will face with the pretender Joe Biden tax increases tucked into his new infrastructure plan.

“It is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Yellen said.

The infrastructure plan would hike the FPSA corporate tax rate from 21% to 28%, partially undoing the Trump tax cuts.

In effect, Yellen wants other countries to raise taxes to some global minimum so companies won’t be able to avoid high taxes by shifting operations to more tax-friendly jurisdictions. She wants government collusion. She wants to eliminate tax competition and create a cartel of nations that can price-fix their taxes as high as possible.

Given that the FPSA dollar serves as the reserve currency, the FPSA has a lot of leverage when it comes to pressuring other countries to comply with its wishes.

Yellen’s message reflects a fundamental change in the message the FPSA sends to the rest of the world.

We’re not this shining city on a hill that Ronald Reagan spoke of. We are not really the leader of the free world. What we’re trying to do is lead the world into diminishing freedom, into being less free because taxes equate to freedom. The more taxes you pay, the less freedom you have. The government takes your money and then you have less. So what these people want is for there to be less freedom and more taxation throughout the world.

This is the opposite of what Amerika used to be. The Fascist Police States of Amerika used to lead the world in low taxes. For nearly 150 years, the FPSA didn’t even have an income tax.

The reason Amerika became so rich and prosperous is because we didn’t have a big government and therefore we didn’t have big taxes to support it. We didn’t have a lot of regulations. We had a lot of freedom, and so we had a lot of prosperity. We had a lot of ingenuity and creativity. The reason that so many people came here is because they could be free.

The pretender Joe Biden message to the world is the exact opposite.

We want to go around the world and see countries that are freer than our own because they don’t have taxes as high as ours, and we want to force those nations to become less free in order to make it easier for Amerika to turn up the heat on its own citizens.

This is a very dangerous and slippery slope. So far, the call is just for a minimum global corporate tax rate; but what’s next? How about a minimum global personal income tax rate? Or a minimum global wealth tax?

Even if you don’t personally take advantage of tax havens, they benefit you because of the competition they create.

The fact that there are a lot of nations that have lower taxes - that is what keeps the nations that have higher taxes from raising them up even more. Governments have to realize that they’re in competition, that capital and people are mobile. If they tax them too high, they may move to a lower tax jurisdiction. So those lower tax jurisdictions, even if you’re not personally benefiting from those lower taxes because you haven’t moved there, your taxes are actually lower because of those alternatives.

If the FPSA is successful in forcing tax havens to raise their taxes so they’ll be less free just like Amerika, it will be easier for the FPSA to raise taxes even higher knowing there is no alternative.

Fortunately and hopefully, Yellen’s ploy will probably not work.

A lot of countries aren’t going to want to raise their taxes. They recognize the damage it will do to their economies. They understand that taxation simply shifts resources from the private sector to the government.

The reality is the fewer resources that are consumed by government, the more economic growth they’re going to have. The Fascist Police States of Amerika grew far more rapidly during the 19th Century than it did during the 20th Century. During the 19th Century, we had no corporate income tax. We had no personal income tax. But we had much faster economic growth and the standard of living of the poor and the middle class increased far more rapidly during that century than they did during the 20th when we had all these taxes.

Countries with lower taxes, less government spending, and smaller deficits are more prosperous.

What Janet Yellen wants to impose is the opposite. She wants these countries that are enjoying more economic freedom and greater economic growth than Amerika to change their policies so they have less freedom and slower growth so they will be more like the Fascist Police States of Amerika.