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Janet Yellen’s Global Tax Scheme Is In Big Trouble

Three cheers for Poland. So far Poland is the only country that is blocking a global corporate tax cartel that would implement a 15% minimum corporate tax rate across the European Union.

Treasury Secretary Janet Yellin left Warsaw this week empty-handed of any commitment.

Meanwhile, the tax scheme also faces stiff headwinds in Congress which must approve it and where even Democrats have concerns.

“With the GOP predicted to win at least one of the two congressional chambers in the November elections, it leaves the agreement on tenterhooks in the US. Globally, only a portion of the deal may survive,” Bloomberg reports. Our friends and economic saviors for now, Joe Manchin of West Virginia and Arizona’s Kyrsten Sinema have serious reservations. As well they should.

We don’t need an international tax cartel to limit tax competition among countries. America should be cutting tax rates, not urging neighboring countries to raise them.

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