On Bloomberg Television’s Wall Street Week hosted by David Westin, Americans for Tax Reform president Grover Norquist warned viewers about the Biden administration’s push to yoke the U.S. to a global minimum tax overseen by the Paris-based OECD.

Norquist said:

“One of the most dangerous things that is being discussed is this Global Minimum Tax which would end tax competition.

So instead of competing with lower taxes and low cost of government, we are going to compete with what, lower wages? That’s not what America wants to compete on.

We want to compete on a more competent government with lower tax rates and more innovation that flows from that. Not by trying to beggar thy neighbor with lower wages.

So this OPEC or cartel of getting all the countries together and saying, “We are going to trust China won’t cheat.” Which by having lower tax rates than you are supposed to, one wonders when so many of their companies are run by the government, it would be awfully easy to manipulate that compared to the United States or European countries.

I think the idea of a cartel where the governments get together and set a minimum tax would stop tax competition, which has been very healthy.”

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