This latest IMF report is decidedly hostile to free enterprise. It promotes a heavy-handed, top-down approach to financial regulations, explicit taxpayer backing of financial sectors, and other expansions of the welfare state and big government from recommending an increase in the U.S. minimum wage and adoption of “more proactive labor market policies” to a broad endorsement of Obamacare, a call for carbon taxes, and a recommended increase in the maximum taxable earnings for Social Security purposes. Heritage Foundation policy experts explain the dangers of the IMF approach, and make recommendations for the U.S. to take a different course.
The Heritage Foundation energy economist Nick Loris told "Cavuto: Coast to Coast" how inflation is deeply impacting Americans ahead of the summer season.
Questioning Industrial Policy cato.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cato.org Daily Mail and Mail on Sunday newspapers.
Toggle open close
President Joe Biden recently outlined his American Jobs Plan, a massive $2 trillion tax-and-spend proposal. Billed as an “infrastructure” and “jobs” plan, the proposal would include a variety of policies that would centralize more power in the federal government without creating jobs, nor much of what is traditionally considered infrastructure.REF
This
Backgrounder focuses on analysis of the tax portions of the proposal. President Biden’s tax proposal would:REF
Increase the corporate tax rate to 28 percent from the current 21 percent rate;
Enact a new 15 percent minimum tax on book income for large corporations;
Seek an international agreement to impose global minimum corporate taxes that would sacrifice American competitiveness in an attempt to create a cartel of high-tax countries around the world;