Cecilia Rouse, the Council of Economic Advisers chair made a push for a “global minimum tax” on corporations to thwart President Joe Biden’s newly proposed tax rate, Fox News informed.
Rouse spoke with Fox News Sunday that this idea will be an insurance that corporations will pay their fair share, in order to seal some of the loopholes, created by putting money offshore.
She continued that what Biden is really saying is that the US should not be disadvantaged internationally and that is why he is also working with countries around the globe.
Biden’s new American Jobs Plan, which is worth $2.3 trillion is set to raise the corporate tax rate from 21 to 28 percent, which will reverse the previous tax law passed by Republicans in 2017. This plan would also set a higher global minimum on the foreign earnings of the companies.