An obscure piece of Biden's agenda could deal a big blow to Trump's right-wing nationalism

An obscure piece of Biden's agenda could deal a big blow to Trump's right-wing nationalism
January 4, 2020 — Vice President Joe Biden holds an event with voters in the gymnasium at McKinley Elementary School in Des Moines, where he addressed a number of issues including the recent escalation with Iran. Iowa member of Congress Abby Finkenauer was also on hand to announce her endorsement of Biden. Credit: Phil Roeder // https://creativecommons.org/licenses/by/2.0/

An obscure provision of President Joe Biden's agenda could deal a big blow to one of Donald Trump's most controversial legacies.

Global minimum taxes will likely be included as part of the reconciliation deal after 130 nations reached a deal that would impose a minimum 15-percent levy on corporations on their overseas profits to stop the "race to the bottom" competition for multinational corporations and keep those companies from stashing profits in low-tax havens, reported the Washington Post.

"Right wing nationalists are supposed to hate such elite chicanery," wrote Post columnist Greg Sargent. "After all, international capital mobility and profit shifting are two key ways that multinationals have emerged as big winners from globalization. This has deprived the nation of revenue, while allowing multinationals access to elite tax avoidance strategies that ordinary Americans lack."

"You'd think this would be particularly offensive to those nationalists who preen around declaring that globalist and cosmopolitan elites have presided over the hollowing out of virtuous nonmetropolitan Real America," he added. "Yet, while such nationalists do sometimes decry this problem, there isn't a real nationalist solution to it. The answer is a multilateral one."

The Biden administration believes the tax would generate billions of dollars over the next decade, but right-wing nationalists will likely oppose it even though the 2017 Trump tax cuts tried but largely failed to recapture some overseas profits for multinationals.

"The standard right wing nationalist objection to such multilateral arrangements is they deprive U.S. citizens of agency by turning over decision-making to globalist elites," Sargent wrote. "But in this case, multilateral cooperation could prevent corporations from exploiting global mobility in ways that limit what nations can do democratically, in keeping with their own citizens' aspirations."

#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.