From WSJopinion: Competitiveness is what lawmakers should debate when they talk about the tax code. But a global tax deal that’s bad for America and isn’t even global is the wrong way to do it.
Other countries aren’t following a plan meant to disguise Biden’s corporate tax increases.
Journal Editorial Report: Three reasons a ruling on abortion wouldn’t affect gay marriage. Images: Getty Images/AP Composite: Mark KellyTreasury Secretary Janet Yellen and her political allies are indefatigable in their attempt to railroad Congress into agreeing to a global tax deal, and their latest argument is that the pact will be good for U.S. competitiveness. If only that were true.
At issue is an agreement last year at the Organization for Economic Cooperation and Development to upend century-old international tax principles. The first prong is a form of excess-profits tax targeted primarily at the largest U.S. tech companies, to be applied in markets where they operate rather than where they are headquartered. The second is a minimum effective tax rate of 15% to be applied to the profits of global firms.
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