Council of Economic Advisers chair Cecilia Rouse pushed for a “global minimum tax” on corporations to counteract President Biden’s proposed corporate tax rate hike

Council of Economic Advisers chair Cecilia Rouse pushed for a “global minimum tax” on corporations to counteract President Biden’s proposed corporate tax rate hike.

“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,” Rouse told “Fox News Sunday.”

BIDEN’S TAX HIKE PROPOSAL: ALL OF YOUR QUESTIONS, ANSWERED

“President Biden is really saying, ‘Look, everybody should pay their fair share,'” she said. “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 bottom.”

The American Jobs Plan, the $2.3 trillion spending plan that Biden introduced at the beginning of April, would raise the corporate tax rate to 28% from 21%, reversing a key part of Republicans’ 2017 tax law. The measure would also impose a higher global minimum on companies’ foreign earnings.

.Council of Economic Advisers Chair Cecilia Rouse talks with reporters in the Brady Press Briefing Room at the White House on March 24, 2021, in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)
.Council of Economic Advisers Chair Cecilia Rouse talks with reporters in the Brady Press Briefing Room at the White House on March 24, 2021, in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)
“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,” Rouse said.

The European Commission is on board for now as Treasury Secretary Janet Yellen works with G20 countries on the issue, Reuters reported earlier in April.

“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,” European Commission spokesman Dan Ferrie said earlier in April according to Reuters.

There’s still work to do – the European Commission wants the minimum rate to be decided in talks with the Organisation for Economic Cooperation and Development.

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Meanwhile, a majority of the nation’s top CEOs agree that Biden’s plan to raise the corporate tax rate in order to pay for his nearly $2.3 trillion spending proposal will hurt business competitiveness and slow wage growth.

FOX Business’ Megan Henney and Blake Burman contributed to this report.

Portland protests on May Day devolved into a riot overnight when about 100 people engaged in “autonomous demonstrations” near an ICE facility and police made at least six arrests, including for one individual who allegedly was menacing officers with a knife.

The police took to Twitter to post several pictures of the damage to stores in the area. Three Starbucks had their windows shattered and a Hilton in the city was tagged with graffiti. Police also posted what appeared to be an instruction pamphlet on how to make a slingshot with a sling and a hammer.

KATU reported that the group arrived at the federal courthouse, which was where the riot was declared.

AT LEAST 14 ARRESTED IN SEATTLE AFTER MAY DAY PROTESTS

The report said targeted arrests were made and by about 11 p.m., the group dissolved. The station reported that a separate group clashed with federal authorities stationed at the city’s Immigration and Customs Enforcement building. The clash reportedly led to officers firing pepper ball rounds.

Several demonstrations happened on May 1 around Portland that remained peaceful, the Portland Police Bureau said in a statement, but one devolved into a riot and downtown businesses were damaged.

Windows were damaged downtown on May Day. (Portland Police Bureau)
Windows were damaged downtown on May Day. (Portland Police Bureau)
“We appreciate those who engaged in their First Amendment rights this afternoon in a peaceful manner. Once again, under the cover of darkness, several dozen people decided to damage and destroy multiple businesses in our downtown area resulting in a riot,” Portland Police Chief Chuck Lovell said in a statement. “The situation became extremely dangerous when a man brandished a knife at officers when officers were simply doing their job. The officers appear to have exercised restraint and professionalism and safely apprehended this suspect. I am proud of all of our employees who worked to minimize further damage and arrest some of the criminals involved.”

Between 9 and 10 p.m. local time Sunday, one group of about 30 individuals gathered near the Immigration and Customs Enforcement (ICE) facility and another group of about 80 to 100 people gathered in Shemanski Park. Both events had been promoted as “autonomous demonstrations,” according to the Portland Police Bureau, which the department said are “similar to prior events where participants engaged in criminal behavior including arson, assault, vandalism and theft.”

A man allegedly threatened officers with a butterfly knife. (Portland Police Bureau)
A man allegedly threatened officers with a butterfly knife. (Portland Police Bureau)
A number of shields were brought to the park, which indicated those within the group intended to engage in criminal acts, police said. The group marched toward City Hall and began engaging in vandalism by breaking windows and spray painting the building. An unlawful assembly was declared and police used a loudspeaker to order the crowd to disperse.

A riot was declared as individuals ignored orders to disperse and continued to break windows of businesses. Police said several people used umbrellas to block officers from viewing criminal acts.

By 11:30 p.m., the group near the ICE facility had grown to between 50 and 60 people, and, as officers were making a focused arrest, a male in the crowd was trying to push through the officers’ line, the police department said. He allegedly reached into his pocket and pulled a butterfly-type knife on officers from about six feet away. Officers used munitions and the male backed up, then walked away.

Jeremiah Day, 22, of Portland, was arrested for menacing officers with a butterfly knife. Day allegedly ran from police for about two blocks after he was located by bicycle officers and still had the knife in his hand when he was being placed under arrest. No officers were injured.

Objects seized from demonstrators included a hammer and instructions on how to make a sling shot. (Portland Police Bureau)
Objects seized from demonstrators included a hammer and instructions on how to make a sling shot. (Portland Police Bureau)
Officers made several other focused arrests.

Phoebe Loomis, 36, of Portland, was charged with second degree criminal mischief, and a helmet, gloves, metal tool, bear spray, and gas mask were seized. Quang Ngyen, 20, of Kent, Wash., was charged with first degree criminal mischief and second degree disorderly conduct. A hammer, sling shot and instructions on how to make a sling shot, were seized. Krystopher Donnelly, 27, of Portland, was arrested on a warrant for riot, first degree criminal mischief and resist arrest. Darren Stephens, 36, of Portland, was arrested for a warrant for second degree criminal mischief.

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Officers earlier had intervened in an altercation at Southwest 4th Avenue and Southwest Columbia Street, where one person was arrested and a baseball bat was seized. Police said video of the incident circulating online does not capture the entire event “or the portion when the crimes were committed.”

Michael Isaacs, 26, of Portland was charged with menacing and second-degree disorderly conduct. Several items, including a baseball bat, body armor, a knife and a flare, were seized, police said.

Susan Wright, the wife of the late Republican Rep. Ron Wright, advanced Saturday to a runoff election for Texas’ Sixth Congressional District, which many see as a bellwether for future contests.

The runoff will be a race between two of the top candidates from the special election. Wright’s runoff opponent was still to be determined as of Sunday morning.

With nearly all votes counted, Republican Jake Ellzey led Democrat Jana Lynne Sanchez by 354 votes in the race for the second runoff spot. The New York Times reported that the special election results could disappoint Democrats who hoped for a better showing for Sanchez.

As of 9:46 p.m. local time, Wright received 18.9% of the votes. Candidates were required to get over 50% in order to avoid a runoff. There were 23 candidates on the ballot.

The district, which covers some southeastern parts of Fort Worth, as well as some rural areas, is seen as the country’s first competitive contest since President Biden took office. Former President Donald Trump — who voiced his support of Wright — carried the district by 3 points in 2020. Four years earlier, he won by 12 points.

WIDOW OF LATE CONGRESSMAN FROM TEXAS SEEKING HIS FORMER SEAT

Wright, who has been endorsed by a list of Texas Republicans and has won the backing of the anti-tax Club for Growth, which has spent six figures to support her bid.

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Sanchez posted on Twitter prior to the polls opening that Democrats have a chance to flip the district and “send a true leader to Congress who’ll get things done for working families across North Texas.”

The late Rep. Ron Wright died of COVID-19 complications in February.

“It’s been challenging at times, but the work goes on and he would want me to do what he did which is engage with voters, hear what they have to say, and talk to them so that is what we are doing,” Wright said, according to Fox4News.com.

Fox News’ Paul Steinhauser and the Associated Press contributed to this report

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