The United States Shoots Itself in the Foot
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Yeah, we’re back again on the global minimum tax, another classic watchdog on Wall Street. See, I told you so a moment. So now a delegation from Congress has got to go to Paris and Berlin because we’ve got to try to wiggle our way out of this stupid global minimum tax that Joe Biden and Janet Yellen proposed. And we told you this was going to happen.
So we got the House Ways and Means Chairman, Jason Smith, his colleagues are meeting with officials at the Organization for Economic Cooperation Development to discuss these corporate taxes that Janet Yellen and Joe Biden inflicted upon we the people of the United States. I got a great idea, let’s just shoot ourselves in the foot. Great idea, Joe, Janet.
Anyway, let me try to explain this to you as best I can. You’ve got Pillar One, okay? It’s an excess profits tax that’s aimed at tech and pharmaceutical companies. Now, can you name for me? I don’t know. Can you name for me two tech companies out of Europe? Can you name for me two? Oh, I know, Spotify, streaming radio company. Oh, SAP in Germany, there’s one.
We happen to have a lot of them here. Pharmaceutical companies, yeah, they’ve got some in Europe, but we know kind of who rules the world when it comes to this stuff. Pillar two, imposes a minimum effective global tax rate on global companies and lets foreign companies charge top up taxes if a company’s taxes to its home government fall below that level.
Now Janet Yellen, Janet Yellen was out there. And again, Janet Yellen is, she’s dumb as a box of rocks. She’s got a PhD. Okay. Yeah, you could take her PhD and you can put it at the bottom of a bird cage. She doesn’t know, how shall I put it? Shit from Chiola. Anyway, Janet Yellen signed up for these taxes in the hope, the hope that global coordination would offer a political cover.
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for Joe Biden’s tax increases, attempts at raising corporate taxes in the United States. Guess what? Those tax hikes didn’t pass Congress the way that Joe Biden wanted. But hey, the Europeans are like, hey, we’ll take advantage of this. Now that they think that they’re free of opposition, that stymied a lot of these international tax grab. Not bad enough that Europe, for the most part,
As far as innovation is concerned, are stagnating. The horrible. Even our quarter, you ever see the order stocks? You ever see BMW, Mercedes? I mean, Tesla’s kicking their asses for crying out loud. Anyway, Congress was never on board with this stupid plan. The first pillar disproportionately hits US companies, which is a big part of the attraction. Again, like I said.
France, Germany, they love this. They’re always trying to break up mergers. They’re always going after US tech companies all the time because guess what? They don’t innovate. The hell, again, are you gonna send the Bobs over to France and Germany at this point in time? What exactly do you say you do here? Okay, okay. Okay, you make your Mercedes, you make your BMW. Great. Now you got doing the EVs, again, you know.
Tesla beat you to the punch on that one, you’re losing a fortune on that. What exactly do you guys innovate on? You know, outside, I mean, Formula One racing, I think that’s about it. But anyway, it hurts US competitiveness by offering more favorable treatment for the type of refundable tracks credit that European governments favor while punishing the non-refundable tax credits that we give US companies.
we give non-refundable tax credits because we want companies to be involved in research and development. Republicans on the Ways and Means, the Tax Writing Committee, have introduced a bill that would impose a retaliatory surtax on companies headquartered in countries that attempt to collect taxes from US firms under the OECD pillars. You’re not gonna get that passed with the Democrats in the Senate.
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and Joe Biden. But obviously, we’re showing that lack of support for this thing, and it’s going to fall apart. Again, thank Joe Biden, Janet Yellen, for shooting ourselves in the foot. Watchdog on wallstreet.com.
