**Posted by Phineas
And Joe Biden, bless his heart, just did it again. He admits the administration’s goal is a global minimum tax.
Now why would the Obama administration want this? Simple. With a minimum tax, revenue-greedy governments would not have to fear tax competition from jurisdictions with lower rates, thus eliminating any pressure for them to control wasteful spending and lower rates to attract businesses and the jobs they create, nor would they have to fear businesses skedaddling for more favorable climes.
You can see how this would be much more appealing to progressive statists than the alternative: lowering rates and giving up the control they give to government officials.
Interestingly, while the administration had rejected the idea of a global taxing power (Why give anyone else a cut of the loot?), Biden’s statement seems to say they’d be open to something along the lines of the OECD’s proposal for “tax harmonization,” essentially a “tax cartel” that fixes the market at the expense of private companies and individuals.
Good thing Joe is here to make sure we know the truth.
(Crossposted at Public Secrets)