The Government Corporate Tax Cartel

The Biden administration’s plan for a global state tax cartel is running into trouble, and Treasury Secretary Janet Yellen is not pleased. It now lets the US play the role of bully enforcer against Hungary, which is blocking European Union approval.

On Friday, the Treasury Department said the US was withdrawing from a 1979 bilateral tax treaty with Hungary. The Treasury Department said “the benefits are no longer mutual,” citing a loss of tax revenue for the US. But the timing suggests this is an act of retaliation against Budapest for blocking the EU’s approval of Ms Yellen’s 15% global minimum tax. EU rules require the consent of all 27 members and Hungary has declined to go along. The Government Corporate Tax Cartel

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