Biden gets an anti-competitive agreement for greedy tax collectors

 Washington Examiner:

The Group of Seven wealthy nations has committed to moving toward a 15% global minimum tax on corporations that operate internationally, handing the Biden administration a win.

Treasury Secretary Janet Yellen announced the agreement on Saturday and hailed it as an “unprecedented commitment” that would “end the race-to-the-bottom in corporate taxation.” The announcement came after the top finance chiefs for each of the countries met in London.

“The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our workforces and investing in research and development and infrastructure,” Yellen said.

The G-7 features some of the world’s largest economies and includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The group said in a joint statement that it strongly supports efforts to “address the tax challenges arising from globalization and the digitalization of the economy and to adopt a global minimum tax.”

BIDEN PITCHES GOP ON 15% MINIMUM CORPORATE TAX RATE IN INFRASTRUCTURE PACKAGE

The G-7 statement added that the countries commit "to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises."

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This is bad for consumers and bad for companies.  It is an anti-competitive agreement supporting government greed.  If companies entered into an agreement on prices like this it would be a violation of the law.  h