WASHINGTON, D.C. – Today, Tax Subcommittee Chairman Mike Kelly (PA-16) delivered the following remarks during a hearing on the international and pro-growth tax policy in the working families tax cuts.

As prepared for delivery.

“In 2017, President Trump, Congress, and specifically Republican Members of the Ways and Means Committee passed the greatest tax reform seen in decades.

“The Tax Cuts and Jobs Act made this nation the best place in the world to build, invest, and create jobs. We ended the unstoppable trend of American companies shipping their money, jobs, and headquarters to foreign countries.

“Eight years later, as these pro-growth, pro-America tax policies were set to expire, Ways and Means Republicans came together to strengthen and make permanent our work in 2017. It took some late nights and countless hours of work, but on July 4, 2025, President Trump signed his signature Working Families Tax Cuts Act. This bill grew America’s tax base, promoted long-term domestic investment, and secured good jobs for Americans far into the future. Ultimately, the Working Families Tax Cuts protects and creates over 7 million jobs.

“While Republicans were working to strengthen our international tax policy, Democrats worked to undermine American businesses and taxpayers by entering us into Pillar 1 and Pillar 2 of the Organization of Economic Co-Operation and Development, also known as the OECD. In 2021, the Biden Administration announced the beginning of OECD negotiations for a global minimum tax.

“According to analysis by the Joint Committee on Taxation, the United States was slated to lose over $120 billion in tax revenue over 10 years under the global minimum tax. President Biden and Secretary Yellen bypassed Congress on these negotiations because they knew just how bad these deals would diminish the economic security of our country.

“Thankfully, on his first day in office, President Trump immediately reversed these America last policies. Over the last year, Secretary Bessent and the Treasury Department have worked tirelessly to secure a strong international tax deal for the American taxpayer. I thank President Trump, Secretary Bessent, and the Administration for their great work. It is vital that the side-by-side deal be finalized quickly and provide certainty for U.S. companies and fair treatment for foreign companies who wish to invest in the United States.”