Hitting real job creators with a global minimum tax
Now Biden is taking aim at working class employers.
Stumping at an Iowa manufacturing plant last month, Biden claimed that he and President Obama “want to create what’s called a global minimum tax because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home.”
Following Biden’s logic would be a job-killer for the working class. If the Obama administration imposes a global minimum tax on American companies, the companies will pay taxes twice: once at the lower rate to the foreign government where the company transacts business, and again to Uncle Sam for the difference.
The choice then facing American companies is obvious — reincorporate in a foreign country as a foreign company and pay lower taxes, or submit to a higher level of taxation because its headquarters is in the United States.
When the companies leave, so too will many of their jobs.
Threatening working class institutions with unconstitutional mandates
Perhaps no event of the last three years better showcases Biden’s complete failure to protect the institutions that protect the working class than his muted objections to Obamacare’s birth control mandate.
As a politician eager to publicize his Catholicism, Biden could have done much more to defend the Church’s right to not be coerced into paying for a product it considers immoral.
Instead, Biden belatedly admitted that the administration “screwed up” its initial announcement of the mandate that would have made no religious exemptions for providing birth control to employees.
But then he claimed that the new version requiring insurance companies to provide birth control for “free” somehow fixes the problem; even though any first-year finance student knows that insurance providers will just increase the overall premium to cover the increase.
Thus, a religious employer will still pay for a product it thinks violates its conscience, but now indirectly.
From his biography to his politics, Joe Biden is no true defender of the working class. If anything, he’s its most famous manipulator.
Ashton Ellis is a contributing editor at the Center for Individual Freedom (www.cfif.org), where this commentary originally appeared.