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Janet Yellen has proposed a global minimum corporate tax rate. This is a terrible idea, for a very simple reason: “harmonizing” between governments eliminates competition between them. And it locks in the kind of bloated incompetence that is a feature of even the best governments out there.
We want companies to be able to shop for their preferred home, just as we want Americans to be able to move to low-tax states. Similarly, if a poor country is trying to attract tenants (companies), why should they not be able to offer advantageous tax rates or less bureaucratic overburden?
Government is already a monopoly. A global government would cement all that is bad, and bar future innovations and improvements in government efficiency. Here’s hoping other governments can successfully resist the US Executive.Published in