In Paris, Ways and Means Republicans Caution European Officials Against Rubber Stamping Biden Global Tax Surrender

Press Release

"To summarize my four concerns with the OECD deal: One, it ignores the fact that the U.S. already has a global tax. Two, it turns over our tax authority, which is the sole discretion of the United States House of Representatives and the Ways and Means committee, to other countries. So that's a concern among the membership on our Committee, and as Randy said, it is an accounting nightmare for American businesses. There has been zero guidance issued publicly and we're having a hard time grasping this information from our Secretary of Treasury. And lastly, to re-emphasize the point: China has easily abused the system at a time when we're all concerned about China, and its aggression has manipulated many international organizations. I think there's a real concern here that we're giving them an advantage. The fact that Chinese government subsidies are treated differently than the American R&D tax credit is certainly a concern."

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