What the hell is "Plugs" talking about?
TheFoundry: If you think a “global minimum tax” sounds like a whacky conspiracy theory, you’d be wrong. According to Vice President Joe Biden, it’s the answer for helping to spur manufacturing in the United States. Here are his remarks at a campaign event in Davenport, Iowa (in which he addresses the president of a manufacturing company):
"For years, American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20%. We want to drop the rate, particularly, for high-tech manufacturers like you, Mr. President, even further than the 20%."
"We want to create a global minimum tax, because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home."
The problem is, America’s corporate tax rate is already exceedingly high — on Sunday, it will be the highest in the world. President Obama has offered a corporate tax reform plan that would wreak the same kind of harms that Biden’s global minimum tax would bring with it.