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 is my first broadcast from the new office and studio in Washington, DC, where I'll be for a couple of years my neighborhood back in L.A. cleans up -- and as we follow the Trump administration from a little closer up than usual.
Topics:
- The anniversary of the attempted assassination of President Donald Trump
- The escalating tariff battle with various different trading partners
- The future of the Middle East peace talks, and ongoing antisemitism
- The Jeffrey Epstein files and whether they mean anything at all
- The continued crisis of the Texas floods, and stories of heroism and survival
And more!
Special guests:
- James Rosen - Newsmax chief Washington correspondent
- Bob Price - Breitbart News Texas reporter, on the ongoing floods
- Robert Cahill - Trafalgar Polling, on a new alliance of reliable pollsters
- Rabbi Yaakov Menken - Coalition for Jewish Values - on Israel & antisemitism
Tune in: 7-10 p.m. ET, 4-7 p.m. PT
Call: 866-957-2874
This week’s portion tells the grand story of the prophet who tried to curse people of Israel and instead ended up blessing them.
I am reminded that these portions continue to be relevant anew, as this particular reading lent the title for Israel’s recent 12 Day War against Iran, “Operation Rising Lion.”
This week's portion includes the commandment of the red heifer -- one of the classic "irrational" commandments whose fulfillment is an expression of faith. It also includes the regrettable episode in which Moses strikes the rock.
I referred to this story in a wedding speech last night. Why was Moses punished for striking the rock in Numbers, when he struck the rock without incident in Exodus -- both for the purpose of providing water to the people?
The answer is that in the interim, the Jewish people had received the Torah, which is like the marriage contract between the people of Israel and God. In a marriage, you do not resolve things by breaking boundaries, but through love.
The additional reading, from Judges Chapter 11, is the story of Jephthah (Yiftach), a man whom the leaders spurn, but to whom they must turn to save the nation. The parallels to our present political circumstances are striking.
Shabbat Shalom and Happy Fourth of July!
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