Congresswoman Carol Miller and fellow Republicans on the Ways and Means Committee have introduced the Defending American Jobs and Investment Act. The proposed legislation aims to protect U.S. jobs and economic growth by imposing reciprocal taxes on foreign countries that target Americans with what are deemed unfair taxes under the OECD’s global minimum tax framework.
“Over the last four years, President Biden and his administration put American workers and businesses last,” stated Congresswoman Miller. She emphasized that President Trump is working to correct these perceived mistakes by rejecting the current OECD deal framework. “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,” she added.
Chairman Jason Smith also commented on the issue, saying, “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.” He highlighted that one of Trump’s first actions was rejecting this framework, which he claimed would have negatively impacted U.S. jobs and revenues while benefiting China.
The introduction of this act follows President Trump’s executive order canceling U.S. involvement in what is referred to as a global tax scheme negotiated during Biden’s presidency at the OECD. This move has been backed by a letter led by Congresswoman Miller alongside other Republican leaders sent to the OECD Secretary-General.
An analysis from the Joint Committee on Taxation indicates that participating in this global minimum tax could result in over $120 billion in lost tax revenues for the United States.
