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Thursday, June 17, 2021

Building the Biden Tax Cartel

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President Joe Biden speaks during a visit to the Greenwood Cultural Center in Tulsa, Okla., June 1, 2021. (Carlos Barria/Reuters)

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: Biden’s proposed tax cartel, Apes and Clover, Japan’s debt difference, corporate virtue signaling (exceptions may apply), and textual investment. Also: an invitation to a webinar on inflation featuring Kevin Hassett and Rich Lowry. To sign up for the Capital Note, follow this link.

Capital Matters Webinar, Thursday, June 10, 2 p.m. (EDT)

Inflation — Should We Be Concerned?
National Review Institute and National Review Capital Matters presents a conversation with Kevin Hassett who served as former senior adviser and chairman of the Council of Economic Advisers in the Trump administration and Rich Lowry on inflation.

Inflation has been so low for so long that most Americans understandably see persistent inflation as ancient history, and that any blip up today will quickly be reversed. But, is persistent inflation around the corner? Inflation and commodity prices are up sharply. The latest Michigan survey shows people expect 3.7 percent inflation next year. Shortages of everything from lumber to semiconductors have raised input prices for businesses, while the percentage of small businesses reporting that they cannot find qualified workers is at a record high. The ingredients are in the pot, and the fire is on. But will the pot boil?

RSVP Here: https://us02web.zoom.us/webinar/register/WN_wwxm-DtbTCmPy6cx7BzT4Q

The Global Minimum Tax and the Less Than Magnificent G-7
Over the weekend, the G-7 group of rich countries agreed to back President Biden’s plans for a global minimum corporate tax.

As Janet Yellen put it (my emphasis added):

The G-7 Finance Ministers have made a significant, unprecedented commitment today that provides tremendous momentum toward achieving a robust global minimum tax at a rate of at least 15 percent.

The French finance minister (unsurprisingly) was in the “at least” camp:

This is a starting point . . . in the coming months we will fight to ensure that this minimum corporate tax rate is as high as possible.

Some months back, there had been some talk

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