From WSJopinion: It’s imperative that our policy makers respect Congress’s sole authority over our tax law. The global tax code clearly violates these principles, writes 76redwhiteblue.
Lawmakers led by Mark Warner and John Thune are working on a bill to restrict or perhaps ban the social-media app. Images: Reuters/Bloomberg News Composite: Mark KellyThe U.S. Constitution specifies that Congress, not unelected bureaucrats or foreign adversaries, is in charge of crafting our nation’s tax laws. As the American people awaken to the geopolitical and economic threats posed by the Chinese Communist Party, that protection makes more strategic sense than ever.
So far 142 countries have orally agreed to a global tax code known as Pillar Two. Under the framework developed by the Organization for Economic Coordination and Development, the new code would impose a 15% minimum book tax on large multinational companies. Although Congress has thus far resisted Ms. Yellen’s request to enact Pillar Two, the Treasury secretary is now presenting an ultimatum: Impose the tax increases, or watch foreign countries seize American revenue.
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