Former President Donald Trump on Tuesday urged Senate Republicans against cooperating with President Joe Biden’s plans to raise taxes on corporations and the richest Americans.
“Republicans in the U.S. Senate must not in any way, shape, or form increase taxes that were won in the TRUMP TAX CUT, the largest in the history of our Country,” Trump said in a statement emailed to his supporters.
“It’s what made our economy grow and great. Democrats want major tax increases to pay for their fake infrastructure bill, where over 90% of the money goes to the ridiculous Green New Deal nonsense, which will destroy our economy. The tax cuts were a great achievement of the Trump Administration and the Republican Party. More importantly, they were a great victory for our Nation. Do not increase them one penny. Republicans must learn to fight these vicious, Radical Left Democrats who are destroying lives and destroying our Country!”
The Biden administration recently reached an agreement with dozens of countries, including 20 of the world’s top economies, looking to limit corporate tax avoidance.
The Wall Street Journal notes that other countries are now looking to see if American legislators will the support the plan’s two pillars: granting more taxing power to countries with large consumer markets and passing a 15% minimum corporate tax on worldwide earnings.
“The world is ready to end the global race to the bottom on corporate taxation, and there’s broad consensus about how to do it," said Treasury Secretary Janet Yellen.
“The details of pillar 1 remain to be negotiated,” she said in reference to the plan. “We will work with Congress -- maybe will be ready in the spring of 2022 -- and try to determine at that point what’s necessary for implementation.”
Chip Harter, the former lead international tax negotiator for the Trump administration, told the Journal that “the rest of the world is very aware that the administration cannot bind Congress.”
“The role of Congress will be very important, because if the rest of the world doesn’t think it’s going to get what it bargained for on [profit-allocation rules], then it will lose its appetite” for the plan, said Robert Stack, the former international tax negotiator for the Obama administration.
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