Cecilia Rouse, the chairperson of the Council of Economic Advisers, went on "Fox News Sunday" to talk about her proposal to convince the rest of the world to implement a minimum corporate tax rate.
The measure is aimed at getting American companies to stay in America, but by punishing them for leaving, instead of giving them incentives to stay.
Rouse said during the interview on Fox News:
"What we've seen over the past several decades is that the wealthiest Americans, the big corporations are getting wealthier, and they're contributing less in terms of federal revenue,"
"The idea is to make sure that corporations are paying their fair share, to button up some of the loopholes, which have meant more corporations were actually putting more money offshore – off of U.S. soil – 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."
"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 bottom."
Speaking in a virtual Bloomberg Equality Summit interview in March, Rouse stated that it was necessary to set an 'aggressive set of policies to address' what she called 'structural inequalities, ' which she said caused income disparities along racial lines.
“Structural inequality is not helping, it means we’re leaving productivity on the table," she said at the time. “We want to be looking at an aggressive set of policies to address those kinds of structural inequalities.”
Dan Ferrie, a spokesperson for the European Commission, said that their Treasury Secretary, Janet Yellen, has also taken up the cause:
"We hope that the announcements of Secretary Yellen regarding the U.S. position, withdrawing the safe harbor regime proposal and calling for a minimum corporate taxation, will spur a new momentum toward agreement on a consensus-based global solution this summer."
As of this writing, no representatives from Singapore, Dubai, the Cayman Islands or Curacao have commented on the proposal or its viability.
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