Joe Biden’s tax plan is about to hit your wallet hard. From inflation to funding foreign countries’ socialist agendas, the Biden administration seems determined to make sure you pay more than your fair share. Let’s take a closer look at how Biden’s failure in tax negotiations with the OECD is weakening the US economy and putting American taxpayers on the hook for a globalist agenda.
Crushed by Inflation, Now Hit with Global Taxes
Thanks to the Biden administration’s reckless policies, Americans have already felt the squeeze of skyrocketing inflation. But that’s not enough for them. They want to add insult to injury by giving your hard-earned money to foreign countries. Brace yourself for higher costs and a bill that funds a global socialist agenda.
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Surrendering America’s Sovereignty
President Biden and Treasury Secretary Janet Yellen have been busy negotiating a global minimum tax through the OECD. In doing so, they’re effectively handing over America’s tax code to unelected global bureaucrats. That means your tax dollars meant for essential programs and the military can end up in foreign countries’ pockets.
American Businesses Left in the Dust
In an increasingly competitive global economy, subjecting American businesses to mandatory foreign taxes is a disastrous move. It’s like asking them to foot the bill for woke, green policies in other countries. Contrary to what the globalists might say, this is not good for the American economy. We must not cede our tax code authority to unelected bureaucrats.
China’s Laughter at America’s Expense
As the United States’ economic standing weakens due to failed negotiations, China is having a good laugh. Our weak leadership and submission to global socialism make us a laughingstock. While the Biden administration focuses on virtue signaling, America falls further behind our adversaries.
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Protecting American Interests
Until last year, the US was the only country with a global minimum tax. We have the right to use our tax code to promote our own interests and incentivize behavior that benefits American businesses and individuals. If we force businesses to pay taxes to other countries, we’ll see our economy shrink while theirs grow.
Defending American Jobs and Investment
The Defending American Jobs and Investment Act, sponsored by all 25 Republicans of the Ways and Means Committee, is a crucial step in protecting American businesses. It aims to identify taxes enacted by foreign countries that harm US businesses. The Undertaxed Profits Rule (UTPR) is one such attack on American interests, pushing for global socialism while taking more tax dollars from our businesses.
Putting an End to Funding the OECD
Despite funding 20% of the OECD’s yearly budget, Republicans in Congress have vowed to cut all funding if it continues along this dangerous path. The OECD’s socialist policies and illegal taxation on American taxpayers are unacceptable. It’s time to put a check on the Biden administration’s reckless tax policies.
Conclusion
America should come first, plain and simple. The Biden administration’s tax plan is a betrayal of American interests, weakening our economy and subjecting us to a globalist agenda. We must stand against this onslaught of taxes and fight for our sovereignty. Let’s join forces and protect our hard-earned money from being wasted on foreign countries’ pet projects. It’s time for an America-first approach.
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