GOP Bill Slams OECD Reciprocal Tax

House Ways and Means Committee Chairman Jason Smith (R-Mo) – along with every Republican member on the panel, have introduced legislation that would impose a reciprocal tax on any foreign country that imposes unfair taxes on US businesses and workers under the Organization for Economic Cooperation and Development’s global tax agreement.

The Defending American Jobs and Investment Act (HR 3665) reflects the unhappiness of Congressional Republicans with President Biden’s decision to sign on to the OECD global minimum tax deal.

““This bill sends a clear warning to any nation tempted to exploit the success of our workers and businesses for its own gain,” Chairman Smith said.

“Republicans are taking action where the Biden Administration has failed – in standing up for the interests of American workers and families. We will not allow a bad deal negotiated by the Biden White House to enable foreign governments to steal away Americans’ jobs and opportunity, and we will not stand idly by while other countries use the OECD global tax deal to extract over $120 billion in US tax revenue over the next decade.”