Crowley rips Biden, Yellen over ‘globalist tax scheme’: US will pay price
US will pay price for Biden, Yellen ‘globalist tax scheme’: Crowley
Former Treasury Department spokesperson Monica Crowley on the Biden administration and Treasury Secretary Janet Yellen pushing a global minimum tax rate.
Former Treasury Department spokesperson Monica Crowley told "Mornings with Maria" Friday that the Biden administration and Treasury Secretary Janet Yellen are pushing for a "globalist tax scheme" that Americans will eventually have to pay the price for.
YELLEN MAY PUSH FOR GLOBAL MINIMUM TAX RATE HIGHER THAN 15%, TREASURY OFFICIAL SAYS
MONICA CROWLEY: If you're in Ireland and you've been reaping all of the benefits of a relatively low corporate tax rate, why would you go along with this globalist tax scheme to raise it and put yourself back at a disadvantage? They won't. So this whole scheme can only work if you get every country on the planet to agree.
Now, Biden and Yellen have had a lot of progress. They've got about 130 countries that have signed on, but it only works if it's not full of holes like Swiss cheese. Now, this whole point, Maria, is to try to sink U.S. tax rates with those of high tax socialist European nations, which will have the effect of undermining international tax competition.
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International tax competition has tended to drive down international tax rates and has historically benefited the United States. So, of course, Biden and Yellen hate this kind of international tax competition and they're trying to kill it. But who's going to pay the price in the end? All of us, with higher prices and less investment, and less innovation.
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