.The Biden administration put America last for four years, and my colleagues and I on the Ways and Means Committee are committed to enacting tax policies that put Americans, our country and our job creators first.
In 2021, President Biden agreed to the disastrous Global Tax Deal created by the Organization for Economic Co-operation and Development (OECD). An international agreement, this policy dictated the taxes of multinational companies, including American multinational companies. The policy granted other nations authority over tax policy rather than the U.S. Congress and allowed discriminatory tax practices to occur.
President Trump signed an executive order in January declaring that the OECD’s Global Tax Deal has no effect in the United States. The Committee on Ways and Means, the tax-writing committee, is working with the President and his agenda to end tax practices that discriminate against American workers.
That’s why I reintroduced the Unfair Tax Prevention Act this week, joined by every Ways and Means Republican. The bill implements reciprocal taxes on foreign nations that place a surtax on American businesses set forth by the OECD’s Pillar 2 Under Taxed Profit Rule.
Unfair extraterritorial taxes give a competitive advantage to foreign countries and drain our nation’s revenue. In my latest op-ed for Newsweek, you can read more about the OECD’s discriminatory tax practices that Congress is working to correct.
