June 05,2021

Crapo, Brady Urge Caution on G-7 Agreement

Washington, D.C. -- U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and U.S. House Ways and Means Ranking Member Kevin Brady (R-Texas) issued the following statement today regarding the G-7 nations agreement on new rules for taxing global companies:


“A speculative agreement appears premature given the many unanswered questions about the Pillar 1 and Pillar 2 proposals and their potential effect on American companies and U.S. revenues.  The United States enacted the most robust global minimum tax in the world in 2017.  No other country has moved to enact a similar minimum tax since, and it remains to be seen whether any agreement will result in consensus from the United States’ biggest foreign competitors.  The continued imposition and collection of digital services taxes and other unilateral measures, including from certain G-7 members, and plans to impose digital levies even with a global agreement, demonstrate that the United States cannot expect other countries to act in the interest of American businesses and workers.  Accordingly, we continue to caution against moving forward in a way that could adversely affect U.S. businesses, and ultimately harm American workers and jobs at a critical time in our country’s economic recovery.”