Chairman Crapo and Chairman Smith Applaud Trump Administration for International Tax Agreement Protecting American Workers and Businesses
Washington, D.C.--After Secretary of the Treasury Scott Bessent announced a forthcoming international tax agreement, Senate Finance Committee Chairman Mike Crapo (R-Idaho) and House Ways and Means Committee Chairman Jason Smith (R-Missouri) issued statements regarding Section 899 and the OECD Pillar 2 / global minimum tax project:
“We applaud President Trump and his team for protecting the interests of American workers and businesses after years of congressional Republicans sounding the alarm on the Biden Administration’s unilateral global tax surrender under Pillar 2. Reaching a joint understanding with the G7 means the U.S. can reclaim tens of billions of dollars that had been ceded from our tax base by Democrats’ America-Last policy.
“At the request of Secretary Bessent and in light of this joint understanding to preserve U.S. tax sovereignty and allow U.S. tax laws to co-exist with the Pillar 2 regime, we will remove proposed tax code Section 899 from the One Big Beautiful Bill Act, and we look forward to active engagement with Treasury on these important issues.
“We are committed to restoring Americans’ confidence in our representative government by putting America first. Congressional Republicans stand ready to take immediate action if the other parties walk away from this deal or slow walk its implementation.”
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