Joe Biden's economic adviser pushed Sunday for a 'global minimum tax' for corporations in order to close loopholes in companies relocating overseas to circumvent rate hikes in the U.S.
'The idea is to make sure that corporations are paying their fair share,' Council of Economic Advisers chair Cecilia Rouse told 'Fox News Sunday.'
'To button up some of the loopholes, which have meant more corporations were actually putting more money offshore – off of U.S. soil,' she continued. 'And having a global minimum tax so that we're working with the rest of our trading partners, so that we're working with the rest of the world so that corporations are paying their fair share worldwide,'
'President Biden is really saying, 'Look, everybody should pay their fair share,'' she continued.
To help pay for trillions more in federal spending, Biden has proposed raising taxes on individuals, corporations and capital gains.Insurance Loans Mortgage Attorney Credit Lawyer
Council of Economic Advisers chair Cecilia Rouse told 'Fox News Sunday' that Biden's administration is pushing a 'global minimum tax' for corporations to keep the U.S. competitive
'The idea is to make sure that corporations are paying their fair share,' Rouse said, adding: 'We don't want to be disadvantaged' with other countries
Biden outlined in a joint session address Wednesday raising taxes – including on individuals, corporations and capital gains – to funds trillions in proposed spending. The corporate tax rate he wants to raise to 28 per cent from 21 per cent
So far, Biden has set out around $6 trillion in spending since taking office, including the $1.9 trillion American Rescue Plan, which has already passed in Congress.
As part of Biden's 'Build Back Better' initiative – including real and 'human infrastructure' – he is proposing the $2.3 trillion American Jobs Plan and $1.8 trillion for American Families Plan.
The American Jobs Plan, which Biden proposed in April, includes raising the corporate tax rate from 28 per cent from the current 21 per cent in a partial reversal of former President Donald Trump's 2017 tax cuts.
Before the GOP tax cuts, the corporate rate sat at 35 per cent from 1993-2017.Insurance Loans Mortgage Attorney Credit Lawyer
The current proposal also imposes a higher global minimum on companies' foreign earnings.
Rouse says Biden, however, doesn't want to disadvantage the U.S. with these hikes.
'Yes, internationally we don't want to be disadvantaged, so he's also working with other countries so that we have a minimum tax internationally so there's not a race to the