This past Saturday finance officials from the U.S., Britain, Germany, Japan, France, Italy and Canada—the so-called G7–concocted a scheme for imposing a worldwide minimum corporate tax on large international companies of “at least 15%.” 

But this episode of What’s Ahead warns that the agreement is only the first in a series of future deals to raise taxes not only on companies but also on individuals. And the targeted individuals won’t be just billionaires but also the middle class. 

For for all the heated political rhetoric, soaking the rich and multinational corporations won’t begin to raise the amounts of revenue that politicians are hankering for. The middle class is where the big money resides.

Don’t be surprised in the not-so-distant future to hear mutterings that the U.S. should do what most others have done: impose some variant of a stiff nationwide sales tax.

Unless stopped, these ploys will wreak real economic damage. Excessive taxes always do.