Economics/Class Relations

The Global Tax Cartel Is a Victory for Politicians over Workers

By Dan Mitchell, International Liberty

When President Biden first proposed a global minimum tax on companies, I immediately warned that creating a corporate tax cartel would be very bad news for workers, consumers, and shareholders.

I also warned a BBC audience that proponents would use the agreement as a stepping stone for other statist initiatives to increase the power of politicians.

Simply stated, I’ve been ringing the alarm bells that a tax cartel will lead to ever-higher corporate tax rates. And it will serve as a model for other forms of harmonization.

Well, now that Ireland has capitulated and governments formally adopted the scheme, this is my “I told you so” column.

In a column for the Washington Post, Larry Summers, a former top adviser for Bill Clinton and Barack Obama, celebrates the creation of a global tax cartel.

His column has a laughably inaccurate title, but he starts with some accurate observations about the importance of the agreement.

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