In a world where every nation deserves the right to defend its people, land, and economic interests, the global tax deal negotiated by the Biden administration is a violation of American sovereignty. The Organization for Economic Co-operation and Development’s (OECD) agreement would allow foreign countries, including Communist China, to infringe on American jobs, businesses, and economic competitiveness, putting their interests ahead of America’s.
In response, Republican members of the Ways and Means Committee, led by Rep. Jason Smith, have introduced the Defending American Jobs and Investment Act to protect American workers and businesses from potential attacks by foreign countries. By enabling foreign nations to determine whether a U.S. company is paying the correct level of tax under this new OECD tax deal, the U.S. sovereignty would be ceded to an unaccountable international bureaucracy and lead to economic harm for the nation.
The OECD agreement’s unfair surtax on American companies would damage America’s tax revenues, harm economic growth and job creation, and incentivize direct government subsidies, creating an economic race to the bottom. Under current rules, the OECD global deal would allow foreign countries to extract $120 billion in U.S. tax revenue over the next decade. If implemented, it would lead to a significant loss for America and result from President Biden’s efforts to consolidate power and ignore Congress’ authority in formulating federal tax policy.
The Defending American Jobs and Investment Act provides a reciprocal mechanism to counter foreign countries that impose discriminatory taxes on U.S. businesses and activities. Rep. Smith and his Republican colleagues will utilize every tax and trade countermeasure at their disposal to protect American sovereignty and ensure the U.S. Treasury and businesses within the country are not undermined by foreign nations’ actions.
In conclusion, the Biden administration’s prioritization of international interests over national ones is reckless and dangerous. It is time to protect American jobs, businesses, and competitiveness against foreign nations’ encroachment, investment and encourage economic growth by leveraging America’s unique global minimum tax system.
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