Trump Smashes the Biden-EU "Global Minimum Tax"
The EU plan, signed off by the Biden Administration, would have prevented future Presidents from cutting taxes, and allowed foreign governments to raid U.S. companies.
by Rod D. Martin
January 24, 2025
In a decisive break with the prior Administration, President Donald Trump has decisively dismantled the Biden-EU "Global Minimum Tax" agreement.
Yes, you heard that right: a Global Minimum Tax, a scheme so radical that even the Obama Administration took a pass.
The agreement, reached in 2021 between European leaders and then-Treasury Secretary Janet Yellen, aimed to establish a 15% minimum global tax rate for multinational corporations. It sought to prevent “a race to the bottom” in corporate taxation, which is to say, tax competition between countries that might reduce the size and power of government. Want to vote for tax reform and job growth? Sorry, you can’t do that anymore.
To Democrats, like their Eurosocialist counterparts, that was a feature, not a bug. Henceforth, the tax debate would be off the table, and one of Republicans’ main issues eliminated forevermore. From now on, government…