Senate Finance Committee Chair Wyden Issues Statement on House Republican International Tax Bill

WASHINGTON, May 26 -- Sen. Ron Wyden, D-Oregon, chairman of the Senate Finance Committee, issued the following statement on May 25, 2023:

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Senate Finance Committee Chair Ron Wyden, D-Ore., today issued the following statement on the House Republican international tax bill:

"In 2017 Republicans passed a tax law that created new incentives to ship jobs and park profits overseas, and they have resisted every effort to ensure that multinational corporations pay a fair share. It's now abundantly clear that the world is moving forward with international reforms aimed at stopping the race to the bottom on corporate taxes, but nonetheless, Republicans are attempting to prevent that from happening.

"The most likely outcomes of this approach are all bad for American businesses and workers. In the near term, merely introducing this bill means the Treasury Department will have a much harder time advocating for American interests in negotiations with other countries. In the long term, the U.S. would lose out on investments and jobs as a result of the new taxes House Republicans are proposing, which are unlikely to prevent other countries from moving forward with international tax reforms.

"Ultimately, American workers and businesses will be harmed by this approach, and I hope my Republican colleagues will reconsider their opposition in this area. By working together, we could implement international tax reform that supports American workers, investment and innovation."

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Original text here: https://www.finance.senate.gov/chairmans-news/wyden-statement-on-house-republican-international-tax-bill