Biden Administration Supports Global Tax That Favors China

President Joe Biden speaks about the U.S. economy at Steamfitters Local 602 in Springfield, Va., on Jan. 26, 2023. Andrew Caballero-Reynolds/AFP via Getty Images

Commentary

America is scraping the financial bottom of a debt crisis while overloaded with high taxes and navigating between the shoals of inflation and the sandbars of recession. President Joe Biden’s administration, meanwhile, wants to have all the pros without acknowledging any of the cons—by taxing more, spending more, growing the debt and, inscrutably, inventing new giveaways to China.

US Global Tax

U.S. Treasury Secretary Janet Yellen’s attempts to fend off criticism on all of this through denial and deflection were on full display last week at the House Ways and Means Committee, where she single-handedly stared down a raft of Republican house members rabid over America’s deteriorating economic position relative to its chief adversary, China.