Ever heard of a group called the Organization for Economic Cooperation and Development? If not, you’re not alone. They are not the United Nations or any of the household name tools of the globalists who seek to diminish national sovereignty and influence of any one country over the rest, but after decades of being a relatively innocuous trade group OECD is about to publish the blueprint for international tax rate collusion. Supposedly voluntary, of course. From Richard Rahn at The Washington Times:
On Oct. 5, the Organization for Economic Cooperation and Development(OECD) will release its “final package of measures for a co-ordinated international approach to reform the tax system under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.” In plain English, what the OECD bureaucrats are attempting to do is put in place minimum international corporate tax rates, and companies will be required to share sensitive and proprietary information with non-Americans who may misuse it. History tells us that governments often fail in their promises to keep sensitive information confidential, and once a new minimum rate is established for a tax, it is quickly raised. The U.S. income tax started out with a top rate of only 7 percent, which only affected the few millionaires back in 1914.
Think about what this means:
- The minimum American corporate tax rate would be determined, not by Congress, but by international agreement.
- Private, financial information would be shared with government and private entities in other countries whether a person gives permission or is hacked or not.
- Global competition for corporate headquarters will be next to non-existent with such an agreement in place.
It also means that the will of the people not just in the United States, but the developed world, will not matter when it comes to charging corporations taxes on profits either high or low. The purpose behind all of this appears to be to rescue tax revenue from the countries not among the G20 that serve as tax shelter sorts of refuges for corporations and wealthy people.
Basically, the G20 wants corporate tax revenue for whatever reason. Where the issue gets confounded is that whatever the corporate tax rate is, that cost gets passed on to the consumer whether the press indicates that or not. It’s added to the price structure. The objection in this case is that national sovereignty is sacrificed on the altar of globalism. And that is something of which all thinking people on earth must be cognizant.