One Huge Problem with the White House’s Plan for Global Taxation
The 'race to the bottom' Secretary Yellen hopes to end is actually a good thing.
”To see why tax competition is actually desirable, one need only look at the stunning success Ireland has achieved by offering a comparatively very low corporate tax rate of 12.5 percent. The Wall Street Journal editorial board has documented the results:
"Between 1986 and 2006, the economy [in Ireland] grew to nearly 140% of the EU average from a mere two-thirds. Employment nearly doubled to two million, and the brain drain of the 1970s and 1980s reversed. Ireland became a destination for global capital. Oh and by the way: After Ireland slashed its rate and broadened the corporate-tax base, tax revenue soared."
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Feel free to reply to any comment by clicking the "Reply" button.The White House has only one problem? Don't worry the cartel that the G7 folks are proposing wouldn't last long. Maybe Yellen is talking about going to the bottom because she knows it's going to happen sooner or later, maybe she hopes to soften the blow knowing it will happen sooner.
ScottforKing
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June 9, 2021
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