Global Tax Code Threatens U.S. Sovereignty: Impact on Businesses and Consumers

Global Tax Code and Its Threat to U.S. Sovereignty

The global tax code endangers U.S. sovereignty as the Biden administration encourages foreign governments to impose additional taxes on American corporations. These tax hikes could be passed on to workers and consumers, affecting their purchasing power significantly.

The UN's Role and Its Implications

Currently, a majority vote proposition at the UN could place U.S. companies at a distinct disadvantage, violating existing trade agreements. Global bureaucrats may argue that U.S. corporations face inadequate taxation, leading to foreign governments imposing new taxes.

• Corporations pass tax costs to workers and consumers.
• Potential majority votes at the UN could jeopardize U.S. corporate interests.
• Existing agreements do not protect against extraterritorial taxes.

OECD's Shift and Push for Bilateral Treaties

Initially, the OECD aimed to prevent corporate tax avoidance but morphed into a platform for creating a global tax code. Such agreements serve the interest of other nations at the expense of American companies. The Biden administration's recent shift complicates U.S. interests further, with potential consequences for American sovereignty.

1. The OECD's transformation leads to biased tax regulations.
2. Rising taxes on U.S. corporations stymie competitiveness.
3. Bilateral treaties are essential in protecting U.S. interests and sovereignty.

Therefore, it is crucial for the U.S. to oppose discriminatory taxation from foreign governments, particularly through the framework of a global tax code. Maintaining bilateral treaties will better serve American sovereignty and protect its businesses.