(TheRedWire.com) – One of the common phrases you will hear is that there are only two things in life that are certain, death and taxes. President Joe Biden’s administration is now facing ensuring that Americans are going to be paying their fair share of taxes.
In the past year, American households have had to deal with high inflation rates, and still, the Biden administration is now planning to make American taxpayers more as they will be providing American taxes to foreign nations.
Treasury Secretary Janet Yellen and President Biden have spent the past two years negotiating a global minimum tax for the Organization for Economic Co-Operation and Development (OECD), which would essentially mean that America would no longer have complete sovereignty over its tax code. Instead, foreign nations would now be able to take American taxes that could have been used for the country’s military or essential programs.
The United States is at a phase where they have been trying to remain competitive during a fast-growing global economy. However, now American businesses will need to not only pay mandatory foreign tax but also fund several other green and woke policies followed by foreign nations.
With the looming threat of a debt crisis, the United States should be paying more attention to putting more money into the national economy, rather than supplying foreign nations with funds. The Republicans who currently hold the House majority are the only chance that the country has for Biden’s new tax deal to not go through.
If it passes, then the U.S. is going to lose much of its economic standing.
Copyright 2023, TheRedWire.com
