John Ransom

The most expensive tax in the history of the world has been proposed by the Obama administration and to hear them tell the story, you’d think the rest of us should be grateful.

“We want to create a global minimum tax,” said vice president Joe Biden, “because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home.”

A global minimum tax is a tax on all profits made by nominally US companies that operate overseas. They operate overseas for various reasons, but one big reason is because corporate taxes are higher in the US than overseas. And to fix high corporate taxes in the US, the Obama administration proposes even HIGHER TAXES on corporations.     

Yes: Obama thinks American taxpayers should be forced to pay higher taxes for everything they buy inexpensively from overseas so Obama can subsidize only government approved activities. 



Our vice president now posits that normal corporate and individual profits in the course of business outside of the US are “subsidies” given out by a benign government.

Oh, where have you gone Harry Truman?  In terms of real subsidies, though, how come Biden doesn’t know that the government should be providing no subsidies at home or abroad?

That’s because, just like any other addict, Biden, Obama and their progressive friends on both the right and the left refuse to understand that they have a problem when it comes to spending money.   

Not content to try to tax the rich here in the United States, Democrats are so hungry for welfare revenues that they now want to tax all revenue, everywhere, ignoring international borders, international waters and universal common sense.

And guess who is gonna pay the tax? When they tolled the bell “rich” during this campaign, understand that that bell tolled for thee.

Because, while the “rich” may be someone across town in the US, the “rich” in Obama’s global sense, is you. This is a tax that will fall most heavily on the poor and middle income earners.   

Liberals can’t understand that the country is losing jobs because the governments in the US- federal and municipal- aren’t competitive anymore. Instead of doing something about the fundamental problem we face, they find it more convenient to rearrange the game pieces to suit their desired outcome.

That’s because they suck at the game of government and public service, liberals do. If Obama was a first round NFL draft choice he’d be Ryan Leaf, a different type of talent bust who, not coincidentally also happens to be an addict.    

I’d love to be a GOP challenger in 2016 asking a Democrats to explain to constituents why raising taxes on everyone and shipping even administrative jobs overseas mades sense.  

Because you, the ordinary reader, will pay for the liberal addiction to spending not just through higher taxes on everything via  Obama’s Global Tax, but through the loss of jobs too. Corporations will stop shipping jobs overseas and just ship the entire company rather than pay another onerous tax.

When you add in the fact that the wall separating Washington and Wall Street has been destroyed over the last decade- but never worse than under Obama- you can see why moving to the Philippines might make sense for say, Caterpillar.   

So now, we can confidently look into an Obama-inspired future when baseball, hot dogs and apple pie are only imports. Forget Chevrolet. They already killed that bit of Americana.

You want to see what America used to look like? Shortly you’ll have to travel overseas to catch a glimpse.     

That’s because this administration has serious issues when it comes to boundaries. I don’t know if Obama was held too much as a child or not held enough, but when it comes to taxes, healthcare, regulatory orders, race issues, food choices,  Obama’s got a Super-Freudian case of separation anxiety.

In everything that he does, he clumsily overreaches, asserting authority that not only he doesn’t have, but probably can‘t enforce without coersion.

Energy? Immigration? Cap and Trade? Gun-Walking? Healthcare? Jobs? Stimulus? Anyone? Bueller?

It would be hard for me to name any success Obama has had on any policy front, even if I qualified and tempered those successes on a Jimmy Carter curve. But anyone can rattle off the unqualified disasters of the administration.

And no disaster would hit the US harder than Obama’s Global Tax.   

Still, you know how bad ideas circulate amongst progressives.

It was only ten years ago we went to sleep confidently thinking we won the Cold War and consigned Communism to the trash bin of history.

Or did we?  

Now we face a fiscal cliff of worldwide proportions, because we've been enjoying the so-called "peace dividend" raising taxes and spending on healthcare, regulatory orders, race issues and food choices

If our ruling elite won't respond to our chants of "jump, jump, jump," I say we push them.


 

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John Ransom

John Ransom is the Finance Editor for Townhall Finance.