WASHINGTON – In an op-ed for The Hill, former Chairman of the Joint Economic Committee and member of Ways and Means Rep. Erik Paulsen (R-MN) warns against President Biden’s global minimum tax that makes it better to be a foreign worker or company than an American worker or company:
- “The Tax Cuts and Jobs Act that was passed in 2017 created economic growth in America that eclipsed the economies of most of the G-7 countries.”
- “President Biden and many Democrats in Congress are working vigorously to reverse this growth. Their support for a global minimum tax is one of at least 30 proposed tax increases on American families and businesses that will total around $2.975 trillion over the next 10 years.”
- “Should the Biden global minimum corporate tax go into effect, those losing most will be American consumers and workers. By eliminating competition, this tax, on top of his other tax increases, will make America even less competitive and drive jobs, manufacturing, innovation and investment overseas.”
Former Rep. Paulsen’s can be read HERE.
Key Takeaways on President Biden’s Foreign Tax Surrender:
The Biden Administration should not surrender jobs, growth, or tax revenues to other countries in order to advance a partisan tax increase agenda at home
- Ways and Means Republican Leader Rep. Kevin Brady (R-TX), Senate Finance Committee Republican Leader Senator Mike Crapo (R-ID) sent a letter to Treasury Secretary Janet Yellen making clear that congressional support for an agreement at the OECD will hinge on protecting American workers and the U.S. tax base.
- They wrote that “Other countries have shown that they will aggressively seek to gain market share and strip away our tax base, so U.S. negotiators must be equally aggressive in defending American interests.”
Biden’s global tax puts foreign companies ahead of American workers
- Under Biden’s Global Tax Surrender, it’s better to be a foreign company or foreign worker than it is to be an American company or American worker.
- A Gallup poll finds that 65 percent of Americans believe our top foreign policy priority ought to be protecting the jobs of American workers.
Biden’s plan offers foreign countries a sweetheart deal, while his punitive tax on Americans will send jobs to foreign competitors
- Despite the fanfare surrounding the Administration’s foreign tax deal, this global tax cabal is no cause for celebration. It confirms President Biden’s willingness to surrender American jobs and provide protection to foreign competition—not to American companies and workers.