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The new international tax deal is bad news for American taxpayers

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Under intense pressure from Washington, a newly formed group of 136 nations agreed on new rules for taxing international companies.

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This segment i What is ahead explains why this is a bad deal for the US and should be deleted by Congress.

The administration hopes to sell a bill of goods to reluctant senators: Other countries are raising corporate taxes, and so are we. This is unlikely to work; if Biden’s rise goes into effect, only Portugal and Colombia will have higher tax rates than the US

His other argument is more vicious. In short, the administration now wants to change the way companies calculate their tax liabilities on international profits. Combined with the newly negotiated global tax regime, US companies could be hit hard with higher taxes. The White House’s message to them: Go along with our proposed increase that is now before Congress and you will avoid this hurdle.

Congress ‘s response should be no to Biden’ s rise and no to this new global agreement.

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Steve Forbes is the Chairman and Editor-in-Chief of Forbes Media. Steve’s latest project is the Whats Ahead podcast, where he engages the world’s leading publishers,

Steve Forbes is the Chairman and Editor-in-Chief of Forbes Media. Steve’s latest project is the Whats Ahead podcast, where he engages the world’s leading business, economics and pioneer publishers, politicians and pioneers in candid conversations aimed at challenging traditional conventions, as well as displaying Steve’s views on the intersection of society and the economy. and politics. Steve helped create the recently released and highly acclaimed public television documentary, In the money we trust?, which was produced under the auspices of Maryland Public Television. The film was inspired by the book he co-authored, Money: How does the collapse of the dollar threaten the global economy and what can we do about it?

Steve’s latest book is Reviving America: How Obamacare Abolition, Tax Code Replacement, and Fed Reform Will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional). Steve writes editorials for every Forbes issue under the heading Fact and Comment. A widely respected economic forecaster, he is the only writer to have won the prestigious Crystal Owl award four times. The award was previously given by the US Steel Corporation to the financial journalist, whose economic forecasts for next year turned out to be more accurate. In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new social security system for working Americans, the choice of school parents for their children, term limits, and a strong national defense. Steve continues to vigorously promote this agenda.

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2/ https://www.forbes.com/sites/steveforbes/2021/10/26/new-international-tax-deal-is-bad-news-for-us-taxpayers/

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