GMT Is a Pandora’s Box — Sans Hope
Today President Biden trotted out an even slimmer version of the strangely alliterative and meaningless Build Back Better bill. The revised price tag for the proposed social and environmental policies it contains is $1.7 trillion… down from the $3.5 trillion the politicos wanted to spend. Only in our MMT world does a $1.7 trillion spending bill get promoted as a compromise, a bargain. Large corporations, meanwhile, will be forced to pay at least 15% on their profits. And, of course, the bill will instate the 15% global minimum tax (GMT). The stated idea is to get the richest Americans to pay their “fair share.” How charging them more than everyone else counts as “fair” is left unsaid. It still seems more like a way to punish people and companies for the sin of being successful. Or just allowing people to vote their way into the public purse.