Biden finally managed to do something: he convinced much of the world to sign onto a 15% minimum corporate tax.
The purpose is to allow Democrats to raise taxes on U.S. corporations without fear that they will bolt for friendlier havens.
I'm not sure that will keep companies from leaving, if the tax hike is high enough; and the major challenge to the U.S. economy is not that corporations aren't paying their "fair share," as Biden likes to say (though he himself avoided $500,000 in taxes by filing as an S-corp rather than an individual), but rather that we are killing our own economic potential with red-green statist policies.
Moreover, Congress will have to raise current U.S. taxes on corporate profits abroad from 10.5% to 15% to comply with the new international agreement.
Regardless, this is a diplomatic achievement for the Biden administration, however dubious. Biden (and Treasury secretary Janet Yellen) set a policy and pursued it, bringing the rest of the world along. Some of the work had been done by previous (Democratic) administrations, but he still gets the credit.
So... well done? I like the idea of 15% taxes: it should not just be a minimum, but a maximum. We should set a 15% flat tax and get rid of most of the IRS. We might raise more revenue; we'd certainly have more economic growth. And we'd have a broader tax base: more Americans would take an interest in how tax dollars are spent (or misspent), and politicians would not be able to get away with profligate spending quite as easily as they do, and expect to keep doing.
My wife, who is an economist, points out that it does not matter how many countries signed onto the 15% minimum tax: all you need is one to offer less, and corporations will go there.
I should have noted in my message about the weekly Torah portion that this week is Shabbat Chazon, the Sabbath of Vision. We are about to mourn -- but see through that pain to something better that lies beyond, on the other side.
Wishing you the best vision -- and an incredible reality to follow. It happens!
We begin the final speech of Moses to the people of Israel before they enter the Promised Land. He relates the ups and downs of the years of wandering in the desert, before, finally, the people have the merit to enter the land itself.
This Sabbath always precedes Tisha B'Av, the Ninth of Av, the saddest day on the Jewish calendar. It is the anniversary of the destruction of both of the Holy Temples, and a catch-all for many calamities that befell the Jewish people.
A word on Tisha B'Av. This year I am leaving for an overseas trip during the afternoon of the holiday -- in the middle of a fast day. Not idea, but there was no other choice. But my flight is in the afternoon, which is significant.
We relax some of the harsh, mournful customs of the day in the afternoon. We start to pray normally; we sit on regular chairs; we start to have hope again in the redemption that will, one day, lead us all back from exile to our home.
I'll be taking a trip to a land where an important part of ...
President Trump is in Scotland, playing golf and making big trade deals -- a major deal with the EU, in fact. Meanwhile, there is a global outcry about humanitarian aid to Palestinians (not about the Israeli hostages, mind you).
On top of that, Democrats are at their lowest polling numbers ever -- so they are trying to win control of the House by redistricting in the middle of a 10-year Census cycle. Oh, economic optimism is up, so they have a tough road.
And Tulsi Gabbard's revelations about the Russia collusion investigation make it clear that Obama's lieutenants lied to Congress. How deeply was he himself involved? The media continue to ignore the evidence, but we certainly won't.
Special guests:
Nick Gilbertson - Breitbart News White House correspondent, on EU deal
Frances Martel - Breitbart News foreign editor, on Trump abroad and Russia
John Spencer - urban warfare expert, on humanitarian aid and war in Gaza
Bradley Jaye - Breitbart News congressional correspondent, on the ...
