Following up on my earlier put up, David Schizer (Columbia), Biden And The OECD’s Taxation With out Illustration:  Wall Road Journal Op-Ed:  Congress Can Halt Biden’s Rule by Regulation, by Phil Gramm (US Coverage Metrics) & Mike Solon (US Coverage Metrics):

Earlier than the rise of the regulatory state, America’s financial exceptionalism flowed from clear constitutional boundaries between the spheres of particular person freedom and authorities energy. All main federal initiatives had been circumscribed by the Structure and required laws by each homes of Congress adopted by the president’s signature. With uncommon exceptions, main coverage adjustments required broad bipartisan help to achieve a majority within the Home and overcome a possible filibuster within the Senate. The end result was financial and political stability enforced by checks and balances. Whereas political inertia annoyed elected officers, the advantages of unparalleled financial certainty and unmatched freedom to work, save and make investments delivered unequaled prosperity.

With the rise of the regulatory state, each sector of the economic system can now be considerably altered by presidential motion by means of govt initiatives with little foundation in legislation. Checked solely by the delayed restraints imposed by the courts, presidents now assert unilateral powers in order that presidential elections alone produce dramatic shifts in public coverage.

Primarily based on nearly each conceivable measure of federal energy, America’s historic financial certainty and the constitutional system of checks and balances that gives it are underneath siege by President  Joe Biden’s “entire authorities” regulatory onslaught. In a intently divided Congress, well timed protection of our constitutional system and restricted authorities now relies on the flexibility of a five-vote Home Republican majority to revive the facility of the purse. …

An apparent goal is Mr. Biden’s actions circumventing Congress and agreeing with the Group for Financial Cooperation and Growth to impose a global minimal tax on massive worldwide firms, most of that are owned by American buyers. Remarkably, the Biden administration agreed to let overseas governments tax U.S. firms on their U.S. earnings if Congress refuses to undertake the minimal tax. On this extraordinary circumvention of the Structure, the Biden administration has tried to make use of a global settlement that Congress by no means permitted to power Congress to lift taxes.

This follows related administrative practices of utilizing European laws and antitrust actions to impose insurance policies on U.S. firms that our courts have rejected. Fortuitously, the State, International Operations, and Associated Applications Appropriations Invoice as reported by the Home subcommittee terminates all U.S. funding for the OECD. Congress ought to additional disavow the tax settlement and, utilizing the facility of the Home to legislate on appropriations payments, mandate retaliation in opposition to any nation making an attempt to tax U.S. firms on U.S. earnings. …

The nation wants a replay of the debt-limit unity amongst Home Republicans to deliver the Biden imperial presidency again underneath constitutional management. As James Madison, the daddy of the Structure, envisioned it, the facility of the purse was “probably the most full and effectual weapon with which any structure can arm the quick representatives of the folks, for acquiring a redress of each grievance.”

Different Wall Road Journal op-eds by Phil Gramm:

https://taxprof.typepad.com/taxprof_blog/2023/07/congress-biden-rule-by-regulation-oecd-global-tax-deal.html