We say: Go Hungary.
Whenever it’s David versus Goliath we instinctively support the underdog. But what’s so disheartening about this story is that the big, bad bully in this story is the U.S. government.
Biden is strong-arming Hungary to sign on to its cockamamie global minimum tax rate of 15% for multinational corporations. As a member of the European Union, Hungary must give its approval before the EU can impose the new minimum tax. All the more reason for them to say not just no, but, hell no.
Hungary has no incentive to join this tax cartel. Hungary’s 9% corporate tax rate is one of the lowest in the world, and they’ve leveraged that low rate to attract jobs and capital that would be lost under a new minimum tax.
It only takes a few holdouts to squash the Janet Yellen tax cartel scheme. How shameful that the Land of the Free is strong-arming other nations to raise taxes.
But the Hungarians are tough and strong-willed people as the Soviets learned during the Cold War, so we hope Hungarian Prime Minister Viktor Orban doesn’t cave to Biden’s intimidation tactics.