Rep. Estes Introduces Legislation to Protect Americans from Unfair Taxes in Global Tax Pact

Press Release

"Congressional Republicans are not going to turn a blind eye to other countries -- emboldened by the Biden Administration's dangerous and misguided policies -- targeting U.S. companies with higher taxes that will destroy U.S. jobs and steal U.S. revenues. Nor will we allow foreign entities -- including companies controlled by the Chinese Communist Party -- to exploit those circumstances to gain an unfair competitive advantage against American workers and job creators. It is particularly shameful that the deal the Biden Administration has cut at the OECD does nothing to hold China accountable or ensure it will not cheat under this new global tax scheme. This week's announcement by the OECD that it's delaying the deadline for implementation is a clear sign that other countries are realizing that while the Biden Administration may be interested in colluding with them to raise taxes on American businesses, the Congress that actually writes tax law in our country is not on board. This legislation is the next and necessary step to defend American sovereignty and jobs from the Biden Administration's global tax surrender."

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