Treasury Secretary Janet Yellen will reportedly call for a global minimum corporate tax rate to prevent U.S. companies from relocating offshore in response to the Biden administration’s forthcoming tax hikes, Axios reported on Monday.
The news outlet made clear that “by trying to convince other countries to impose a global minimum tax, Yellen is acknowledging the risks to the American economy if it acts alone in raising corporate rates.”
The administration has proposed initiating the largest tax hike in almost 30 years to pay for President Biden’s more than $2 trillion American Jobs Act — a bill slated to fund America’s “infrastructure” but that also finances major policy progressive policy initiatives such as climate research, green energy, and free education in addition to highways, bridges, and roads.
The tax changes include raising the country’s corporate tax rate from 21% to 28%, a move that conservatives and moderate congressional Democrats have argued could be devastating for the American middle class.
In a speech to the Chicago Council on Global Affairs on Monday, Yellen is expected to push for all other industrialized nations to raise their corporate tax rates to a minimum standard, as well, to ensure economic “competitiveness” worldwide. However, she will reportedly argue that the tax rate minimum is for the main purpose of ensuring those foreign countries have enough revenue to maintain their own governments.
Far-left activists in Seattle are now suing the city with claims that they need costly protective gear to protest safely against the police. In other words, they want the city to pay protesters to conduct demonstrations.
The plaintiffs, who claim that “only a privileged few” can perform demonstrations safely, allege that the Seattle police department’s anti-riot tactics have forced them to acquire expensive gear to enjoy their First Amendment right to assemble.
First reported by KIRO-TV news, five protesters who filed their lawsuit on Monday say that they attended the July 25 protest on Capitol Hill, which was later declared a riot, are calling upon the city to stop its police department from using less lethal anti-riot measures including pepperballs and pepper spray.