First observation of the day, Kudlow discussed Janet Yellen global tax proposal, “Finally, there is what the Journal calls Janet Yellen’s “Global Tax Surrender.” This is not only about giving away our tax sovereignty. It’s also about jacking up our taxes on top of what Uncle Joe already wants to do, and it’s not only about a new global minimum tax…It may also be about a new windfall profits tax. That’s according to Dan Clifton of Strategas Research. As the G-7 finance ministers merrily build a new high-tax highway, rest assured that Communist China will not be part of the higher taxes. Why? One reason is they’re too smart…As for us, in some sense Ms. Yellen seems to be trying to make up for lost competitiveness that she will incur from raising the corporate tax to 28% and putting a 21% minimum tax on United States profits overseas. She’s succeeding in getting the other big countries to raise their taxes, too, though at the end, we may be taken to the cleaners because foreigners won’t do what we want them to do.” This is part of the big reset of “Capitalism.” It will prove to a failure as we exporting our bad economic policy worldwide.
Second observation of the day when John Phelan noted that one thing that could help minority businesses is to protect those businesses with good policing. He observed how many of those who rioted in Minneapolis and destroyed many black businesses were white and he mocked, “They did in the name of social justice and against racism” as they destroyed many black businesses.