Donald Trump’s global economic strategy was to scold other nations for ripping us off while he did little to improve the playing field. In fact, the trade wars he started harmed American consumers and cost taxpayers billions in subsidies to U.S. farmers.
Joe Biden sees the American leadership differently. His and Treasury Secretary Janet Yellen’s successful campaign to introduce a global corporate tax of at least 15% is a first sign that there is a far better way to go than Trump’s annoyances.
We have lived with the problem for years: American corporations, which paid about a third of federal revenue in the middle of the last century, now only pay a tenth of federal revenue. They avoid about $ 90 billion in taxes annually and hold offshore profits of $ 2 trillion. It is now estimated that corporations and wealthy individuals cheat governments with $ 427 billion in taxes every year.