World

Five EU countries claim GOP tax plan 'may harmfully distort international financial markets

KNUTSFORD, UNITED KINGDOM - MARCH 17: In this photo illustration, the European Union and the Union flag sit together on bunting on March 17, 2016 in Knutsford, United Kingdom. The United Kingdom will hold a referendum on June 23, 2016 to decide whether or not to remain a member of the European Union (EU), an economic and political partnership involving 28 European countries which allows members to trade together in a single market and free movement across its borders for citizens. (Photo by illustration by Christopher Furlong/Getty Images)

Five members of the European Union are not happy with President Trump's tax plan as they fear it will harm the world economy. On Saturday, Johnathan Dunne of "Freedom's Disciple" argued that this story highlights the difference between the culture of socialism and that of freedom.

Germany, Britain, France, Italy, and Spain sent letters of concern to U.S. Secretary of Treasury Steven Mnuchin outlining their three major concerns. In a letter seen by The Associated Press, the five countries said they have "significant concerns" about Trump's tax plan reminding those in favor of it that "it is important that the U.S. government's rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up."

The state actors also claim in the letter that the tax overhaul would likely harm EU companies. "The inclusion of certain less conventional international tax provisions could contravene the U.S.'s double taxation treaties and may risk having a major distortive impact on international trade," they wrote.

Tune in to the podcast to hear Johnathan breakdown the EU's letter, international trade, and the benefits of capitalism versus socialism.

Listen to more episodes of “Freedom’s Disciple” with Jonathon Dunne on-demand and every Saturday at noon ET at TheBlaze Contributors.

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