65 percent of voters do not trust foreign countries to abide by the global agreement being pushed by the Biden administration to force businesses to pay a global minimum tax rate, according to a new poll conducted by HarrisX.
The Biden administration, led by Treasury Secretary Janet Yellen, is pushing the flawed narrative that we need a global agreement locking in high taxes in order to “end the race to the bottom” and “make all citizens fairly share the burden of financing government.” Unfortunately, more than 130 countries have agreed to this plan.
By signing onto this proposal, Biden will surrender U.S. sovereignty to foreign leaders in Russia, China, Saudi Arabia, and the European Union and bind the world into higher taxes and bigger government. It is unrealistic at best and naïve at worst for the U.S. to expect foreign countries – many of which have a history of undemocratic governance and human rights violations — to play by the rules in a way that ensures American businesses and workers are treated fairly.
While there is no guarantee that foreign countries will play by the rules, this plan will lead to higher taxes on American businesses and workers. Biden and Congressional Democrats have proposed increase the tax rate for the Global Intangible Low-Taxed Income (GILTI) provision and applying it on a country-by-country basis. This will make America less competitive, harming workers, reducing wages, and costing jobs.
Voters were asked the following:
The Biden administration is working with foreign countries and global organizations to require businesses to pay a minimum tax rate across the world. Do you trust other countries to abide by this agreement or do you think they will find ways to ensure their businesses have an advantage?
- 35 percent of voters said they “Trust other countries to abide by this agreement”
- 65 percent of voters said they “do not trust other countries” including:
- 60 percent of male voters
- 69 percent of female voters
- 82 percent of Republicans
- 44 percent of Democrats
- 69 percent of independents
- 47 percent of Biden voters
- 85 percent of Trump voters
- 71 percent of suburban voters
- 82 percent of rural voters
The poll was conducted between October 26 – 27 among 937 registered voters. The sampling margin of error of this poll is plus or minus 3.2 percentage points and results reflect a nationally representative sample of registered voters.