Janet Yellen gave her first speech as Treasury secretary this week and called on the world to adopt a global minimum corporate tax. Peter Schiff talked about it during a recent podcast. He said He said Yellen's message to the world reflects a major shift. America once led the world toward freedom. Now the goal seems to be to lead the world to less freedom.
Yellen bemoaned a "30-year race to the bottom" as countries have slashed corporate taxes in order to attack multinational businesses. Of course, the real problem Yellen wants to address is the competitive disadvantage the US will face with the Biden tax increases tucked into his new infrastructure plan.
"It is important to work with other countries to end the pressures of tax competition and corporate tax base erosion," Yellen said.
The infrastructure plan would hike the US corporate tax rate from 21% to 28%, partially undoing the Trump tax cuts.