Irish Go Ballistic Over Joe’s Global Corporate Tax Rate

As if we needed more proof President Biden’s Administration lives in a progressive La La Land, we have the WSJ’s “Biden’s Global Tax Trouble.”

What trouble, Joe might ask? Uh, telling the Euros they have to increase their corporate tax rates so the U.S. can up its to pay for Joe’s progressive wish list in La La Land USA, including free college education, electric-only cars, & universal Medicare. The WSJ editors put it this way: “The Administration had hoped to set the [Euros’ corporate tax] rate to the statutory minimum 21% rate Mr. Biden wants to impose on American companies’ global earnings (He wants a 28% corporate rate overall here) … Yet … even tax-happy European governments saw no need to protect Washington from the consequences of its own tax policies. A 21% [global] rate was never likely to succeed… [so that Joe’s] corporate minimum tax rate is falling, as other countries rebel” if not laugh in his face.

You think? Note, for instance, Ireland’s top corporate tax rate is currently 12.5% and Hungary’s is at 9%. Why in the world would these countries … who are desperately trying to lure new businesses & jobs to their shores … increase their business tax rate to Joe’s 21%? Or, 15%? Or, anything Joe’s negotiators say now? How naïve if not dense can an American president get on so basic an economic concept in a real politic world?

Davd Soul