Washington, D.C. (WVDN) – Yesterday, Congresswoman Carol Miller (R-WV) and every Republican on the Ways and Means Committee introduced the Defending American Jobs and Investment Act. This legislation protects American jobs and economic growth with reciprocal taxes applicable to any foreign country that decides to target Americans with unfair taxes under the Organization for Economic Co-operation and Development’s (OECD) global minimum tax.
“Over the last four years, President Biden and his administration put American workers and businesses last. The global tax deal with the OECD is just one example of how the previous administration neglected to consult Congress in this matter, and as a result, could have nearly cost the United States billions of dollars. On day one of his return to the Oval Office, President Trump is already fixing the mistakes of the Biden-Harris administration by rejecting the current framework of this deal and seeking to renegotiate stronger terms. I joined my Ways and Means colleagues in introducing The Defending American Jobs and Investment Act to protect U.S. businesses from being faced with unwarranted taxes by foreign countries,” said Congresswoman Miller.
“Congressional Republicans made it clear as soon as the Biden Administration initiated its negotiations with the OECD that the United States would never be party to a global tax surrender. Now with President Trump in the White House, we finally have a leader who will defend American workers and businesses against economic attacks by other nations. One of the Trump Administration’s first actions was to reject the OECD framework that would have destroyed U.S. jobs, forfeited an estimated $120 billion in tax revenues, and enhanced China’s competitive advantage. The Defending American Jobs and Investment Act will ensure that President Trump has every tool at his disposal to pushback against any foreign country that seeks to undermine America’s economic vitality or unfairly target our workers and businesses,” said Chairman Jason Smith.
Background:
- The Defending American Jobs and Investment Act (H.R. 591) comes on the heels of President Trump’s executive order to cancel U.S. involvement in the global tax scheme, which the Biden Administration had been negotiating at the Organization for Economic Co-operation and Development (OECD) that gives foreign nations the authority to place discriminatory taxes on American companies.
- Congresswoman Miller led a letter with Ways and Means Republicans and House Republican leadership that was sent to the OECD Secretary-General on the Biden-Harris administration Global Tax Deal.
- The Joint Committee on Taxation (JCT) issued an analysis finding that the United States stands to lose over $120 billion in tax revenues under the OECD’s global minimum tax scheme.
