After meeting with Hungarian Foreign Minister Peter Szijjarto, Ambassador Szabolcs Takacs, and their delegation, Ways and Means Republican Leader Rep. Kevin Brady (R-TX), Trade Subcommittee Republican Leader Rep. Adrian Smith (R-NE), and Select Revenue Measures Subcommittee Republican Leader Mike Kelly (R-PA), issued the following statement:

“It is clear from our meeting with the Hungarian delegation that the Biden Administration’s heavy-handed bullying tactics to get countries to adopt the global minimum tax deal undermines tax sovereignty and would make any agreement unstable and short-lived.

 

“We share concerns over the global minimum tax harming our countries’ job creation and economic growth, as well as the Biden Administration’s unilateral termination of the longstanding U.S.-Hungary tax treaty.

 

“The United States will not surrender economically to foreign countries by increasing our global minimum tax based on an agreement that is not complete, nor enforceable, nor in our interest. Congress will not ratify an agreement that cedes its constitutional tax-writing authority or fails to protect key U.S. tax incentives.”

The meeting follows a June 20, 2022 letter from Rep. Smith and Rep. Kelly to Ambassador Takacs, recognizing Hungary’s opposition to the EU global minimum tax directive.