Biden Won’t Close the ‘Tax Gap,’ but He Will Snoop On Your Bank Records

Another new Democratic administration, another hollow promise to discover hundreds of billions of unreported tax obligations under the national mattress.

by Matt Welch

When the Group of Seven (G-7) wealthy democracies agreed in principle June 5 to establish a global minimum corporate tax of 15 percent and an “excess profit” surcharge on large corporations with annual margins above 10 percent, you could almost hear the sound of the world’s political elites rubbing their hands together at visions of pillowy new billions.

“Huge sums of money are at stake,” gushed The New York Times. “A report this month from the E.U. Tax Observatory estimated that a 15 percent minimum tax would yield an additional 48 billion euros, or $58 billion, a year. The Biden administration projected in its budget last month that the new global minimum tax system could help bring in $500 billion in tax revenue over a decade to the United States.”

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