1/2: #BestOf2021: Second Term agenda? 1/2 The New Global Taxman. Richard Epstein, Hoover Institution (Originally posted June 14, 2021)
Jan 06, 2023, 02:00 AM
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@Batchelorshow
1/2: #BestOf2021: Second Term agenda? 1/2 The New Global Taxman. Richard Epstein, Hoover Institution (Originally posted June 14, 2021)
1539
@Batchelorshow
1/2: #BestOf2021: Second Term agenda? 1/2 The New Global Taxman. Richard Epstein, Hoover Institution (Originally posted June 14, 2021)
https://www.hoover.org/research/sorting-out-global-tax-mess
The Biden administration works within a progressive framework that does not seek to use the tax system to strengthen market institutions. So it took a different line. Secretary of the Treasury Janet Yellen stated that the imposition of the uniform minimum tax is meant to reduce the risk of a corporate “race to the bottom,” a view that insists that all competition across jurisdictions leads firms to move to a place where insiders are best able to exploit outsiders, by rigging the rules in their own favor. The administration then doubled down on this view when the White House announced that the G-7 leaders agree to “continue providing policy support to the global economy for as long as necessary to create a strong, balanced, and inclusive economic recovery.”
The Biden administration works within a progressive framework that does not seek to use the tax system to strengthen market institutions. So it took a different line. Secretary of the Treasury Janet Yellen stated that the imposition of the uniform minimum tax is meant to reduce the risk of a corporate “race to the bottom,” a view that insists that all competition across jurisdictions leads firms to move to a place where insiders are best able to exploit outsiders, by rigging the rules in their own favor. The administration then doubled down on this view when the White House announced that the G-7 leaders agree to “continue providing policy support to the global economy for as long as necessary to create a strong, balanced, and inclusive economic recovery.”