National sovereignty is under assault.
Elites in Davos want to dictate policies to the entire world.
Now globalists are moving forward with one nightmarish policy.
Former Federal Reserve Chair and current Treasury Secretary Janet Yellen is moving forward with the Biden administration’s chilling plan to set a global minimum tax rate.
Yellen announced that 130 countries have signed onto the agreement to set at least a 15% corporate tax rate, which would allow Joe Biden to raise the corporate tax rate from 21% to 28% without fear of companies leaving the United States and taking jobs with him.
Donald Trump’s corporate tax cuts from 35% to 21% – in addition to aggressive deregulation – spurred economic growth that left-wing economists like Paul Krugman said was impossible.
Biden’s tax hike will still lead to American job loss because Ireland, Hungary, and other countries have not signed into the agreement.
Also, any increases in tax receipts will not only be countered by job loss, but corporations will defray costs by pushing them onto the consumer.
In the end, The Swamp gets more money and power, corporations barely get a slap on the wrist, middle-class workers lose jobs, and consumers get more expensive goods and services.
But perhaps the most troubling aspect of the entire project is the globalist cabal is getting emboldened.
They’re operating out in the open and weakening national sovereignty in the process.
Barbara Angus, global tax policy leader for Ernst & Young said, “It requires an unprecedented degree of cooperation and coordination among countries, not just in the design of rules but in their application, permanently . . . There’s a lot of work to be done.”
Left-wing economists like Thomas Piketty have been arguing for a cooperative effort between countries to confiscate wealth.
This can go bad in so many ways.
Klaus Schwab of the World Economic Forum has talked openly about the Great Reset, essentially a global reimagination of free markets and property rights.
In a promotion for the Great Reset, the ad gleefully says, “You will own nothing, and you will be happy.”
Globalists are chomping at the bit to set policy for the entire world, and this is a dramatic first step.
The Washington Post reports:
“Implementing the sweeping proposal would present its own challenges. Administering the new tax on digital companies would require ‘coordination between the IRS and other tax authorities on a day-to-day basis that we’ve never seen before,’ said Angus, a former chief tax counsel for the Ways and Means panel.”
When the globalists are plotting and planning out in the open, people need to take them seriously.
Stay tuned to Conservative Underground News for any updates to this ongoing story.