1/2: #BestOf2021: Second Term agenda? 1/2 The New Global Taxman. Richard Epstein, Hoover Institution (Originally posted June 14, 2021)
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John Batchelor
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🗓️ 6 January 2023
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1/2: #BestOf2021: Second Term agenda? 1/2 The New Global Taxman. Richard Epstein, Hoover Institution (Originally posted June 14, 2021)
The Biden administration works within a progressive framework that does not seek to use the tax system to strengthen market institutions. So it took a different line. Secretary of the Treasury Janet Yellen stated that the imposition of the uniform minimum tax is meant to reduce the risk of a corporate “race to the bottom,” a view that insists that all competition across jurisdictions leads firms to move to a place where insiders are best able to exploit outsiders, by rigging the rules in their own favor. The administration then doubled down on this view when the White House announced that the G-7 leaders agree to “continue providing policy support to the global economy for as long as necessary to create a strong, balanced, and inclusive economic recovery.”
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| 0:35.0 | This is CBS I On The World with John Bacheler. Here's John Bacheler. |
| 0:41.0 | This is CBS I On The World. I'm John Bacheler Taxes. Not only Taxes in the United States, |
| 0:47.6 | not only the IRS, but Global Taxes in the news because Janet Yellen and the G7 Finance |
| 0:54.3 | Ministers have been discussing Global Taxes in several iterations. The G7 itself meeting |
| 1:00.3 | in Europe in Great Britain, discussing a minimum tax. That's one of the presentations by |
| 1:06.3 | the Finance Ministers. I welcome Richard Epstein, Professor Richard Epstein, teaches law at NYU |
| 1:12.3 | and the University of Chicago. I learned that Richard has been writing about taxes for 50 years. |
| 1:17.3 | So pending Edmund Burke showing up, Richard will do for an overall view of how we've gone through several |
| 1:24.3 | administrations, always making tax adjustments that are then adjusted again. Richard, is it a senior |
| 1:31.3 | fellow at the Hoover Institution? Richard, a very good evening to you. The presentation by the Finance |
| 1:37.3 | Ministers of G7. Finance Ministers, including Janet Yellen, former chairman of the Federal Reserve, now Secretary |
| 1:42.3 | of the Treasury, is three parts to my reading. And I go quickly through one, a tax rate on the |
| 1:50.3 | 100 largest multinational on earth. That is not enamedless, but we can guess if some of them, |
| 1:57.3 | two, a minimum tax, Global Minimum Tax on corporations, and three, a digital tax on companies, |
| 2:06.3 | corporations, multinational, so do business in a country without a presence in the country. |
| 2:11.3 | Google would be an example advertising. I want to start with the Global Minimum Tax because that has come |
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