RUSH: Here’s Joe Biden, Davenport, Iowa, on Wednesday, at a manufacturing plant, said this.
BIDEN: For years American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20%. We want to drop the rate particularly for high-tech manufacturers like you, Mr. President, even further than 20%. We want to create a global minimum tax, because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home.
RUSH: What is he talking about? We want to create a global minimum tax because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home. Here we are in an election year. Now, some are saying he read the teleprompter wrong. Some are saying he missed this issue entirely. I don’t care. I’ll explain what they think, but he’s out there now, and here’s the headline. “Biden: ‘We Want To Create A Global Minimum Tax.'” It reminds me of Walter Mondull. The Democrat convention 1984, is running against Reagan. And back then, by the way, folks, if you earned $60,000 a year or more, you are rich. The Democrats want to raise taxes on the rich, it’s $200,000 or 250. Back then it was 60. And Mondale said, (paraphrasing) “I’m gonna raise your taxes,” in his acceptance speech at the Democrat convention. “I promise you I’m gonna raise your taxes. So will Ronald Reagan. The difference is he won’t tell you and I just did.” And bye-bye Democrat Party. They lost in a 49-state landslide. And here comes Biden suggesting a global minimum tax.
Now, he might have misspoken. He was speaking about US manufacturers, and I think what he was talking about was Obama’s plan for a minimum tax on all US multinational companies, which would cost these companies more than $250 billion. The way he made it sound was, however, a global minimum tax on citizens. And what Obama has proposed is a minimum tax on all US multinational corporations, which would cost them over $250 billion over the next ten years, which would of course result in their raising prices and it would cost the consumer even more. Now, the context of Biden’s remarks, I think that’s what he was talking about here, he just read the teleprompter wrong, or maybe they wrote it wrong. Maybe they don’t even know what they’re talking about here. I may be giving them the benefit of the doubt that they don’t deserve. Doesn’t matter. Biden said it: global minimum tax in an election year.