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.
This week, we are tackling two major areas of contention between the Trump administration and Democrat governors: fighting crime, and redistricting. The president is sending the National Guard to blue cities -- and blue states are trying to stamp out Republican representation. Is this a civil war situation?
Special guests:
- Bradley Jaye -- Breitbart News congressional correspondent, on redistricting
- Tom Manza, California Business and Industrial Alliance, on Gavin Newsom
- Jon Fleischman, veteran California political expert, on the special election
- Dan Backer, veteran political lawyer and consultant, on corruption
- DJ Mark Anthony, on a recent visit to Rome and visiting Pope Leo XIV
Tune in: SiriusXM Patriot 125, 7-10 p.m. ET / 4-7 p.m. PT
Call: 866-957-2874
This week's portion is the last of the month of Av -- also known as Menachem (Comforter) Av -- which begins in mourning and ends in celebration and anticipation of the New Year and the process of repentance and renewal.
In a similar vein, the portion features Moses offering the Israelites a choice between a blessing and a curse. They are masters of their own fates: if they obey God's commandments, they receive the blessings -- and vice versa.
The key commandment is to reject idol worship. There is said to be something magnetic about the practice of worshiping idols in the new land, such that it would be constant moral battle, both individually and collectively, in the land.
Nowadays, according to Jewish tradition, humanity has lost the urge for idol worship (and the antidote, which is divine prophecy) -- but there are several near substitutes, such as lust or excessive appetites for worldly pleasures.
We are wired for compulsive behaviors, bad habits, and even addictions. These ...
We have so much to talk about this week -- Trump's efforts to negotiate peace through negotiation, and Gavin Newsom's efforts to divide Americans through gerrymandering. We'll also talk about Playboy leaving LA and California.
Special guests:
Frances Martel - Breitbart News foreign editor, on Russia & Ukraine
Bradley Jaye - Breitbart News congressional correspondent, on Newsom
Harmeet Dhillon - DOJ Civil Rights Division chief, on the fight against DEI
Jessica Vaugn - Playboy model on political commentator, on California
Tune in: SiriusXM Patriot 125, 7-10 p.m. ET, 4-7 PT
Call: 866-957-2874
