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Thursday, January 30, 2025

Bean introduces bill opposing global tax scheme negotiated by Biden Administration

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Aaron Bean U.S. House of Representatives from Florida's 4th district | Official U.S. House Headshot

Aaron Bean U.S. House of Representatives from Florida's 4th district | Official U.S. House Headshot

U.S. Congressman Aaron Bean, representing Florida's 4th District, has collaborated with his colleagues on the Ways and Means Committee to introduce H.R. 591, known as the Defending American Jobs and Investment Act. This legislative proposal aims to restore America's taxing authority and deter foreign nations from imposing taxes perceived as unfair on U.S. businesses and workers.

The bill follows President Trump's executive order to withdraw U.S. participation from a global tax initiative that was under negotiation by the Biden Administration at the Organization for Economic Co-operation and Development (OECD). The initiative would have allowed foreign countries to levy taxes on American companies.

Congressman Bean stated: "The Biden-Harris administration’s global minimum tax scheme was a bad deal for America. It would have hurt our economy and destroyed U.S. jobs while serving to enhance China’s competitive advantage. With this bill, we are taking the next and necessary step to protect our sovereignty, restore our economic strength, and put America first."

The Defending American Jobs and Investment Act is co-sponsored by all Republican members of the Ways and Means Committee. It seeks to safeguard American employment and economic growth through reciprocal taxation measures against any country implementing what are deemed unfair taxes under the OECD's global minimum tax framework.

The proposed legislation mandates that the Treasury Department identify extraterritorial or discriminatory taxes imposed by other nations targeting U.S. businesses, such as the UTPR surtax. Once identified, these measures would trigger an increase in tax rates on U.S.-derived income of wealthy investors and corporations within those countries by five percentage points annually over four years—eventually maintaining a 20 percentage point increase while such taxes remain active.

Reciprocal taxation will be suspended if a foreign nation repeals its extraterritorial or discriminatory taxes against U.S interests. The Joint Committee on Taxation (JCT) has projected that adherence to the OECD's global minimum tax could result in a loss exceeding $120 billion in U.S tax revenues.

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