WASHINGTON, DC – House Ways and Means Chairman Jason Smith (MO-08) released the following statement after the Organization for Economic Co-operation and Development (OECD) published guidance on February 2 regarding the treatment of tax credits and allocation of tax among countries within its global minimum tax project:

“This announcement confirms what has long been true: the OECD agreement is a bad deal for American workers and families, and it has no path forward in Congress. The Biden Administration cannot override Congress’s sole tax-writing authority under the Constitution or turn that power over to foreign bureaucrats.

“The OECD guidance revokes important job-creating tax incentives passed by Congress and threatens to authorize foreign countries to pocket U.S. tax revenues. What’s more, this guidance would fuel the corporate green welfare arms race created by the Biden Administration last year, which will cost American taxpayers hundreds of billions of dollars.

“The House Republican Majority will hold the Biden Administration accountable for its failures at the OECD, and we will reject all proposals that benefit foreign interests over U.S. workers and families, or that violate the U.S. Constitution.”