Shenango Valley News

U.S. Rep. Mike Kelly (R-PA) emphasized the importance of prioritizing American interests during a Ways & Means Tax Subcommittee hearing on Thursday. Kelly called on the Biden Administration to revisit negotiations with the Organization for Economic Co-operation and Development (OECD) regarding the Pillar 1 deal, expressing concerns about the potential impact on American companies. He stated, "Congress must ensure the Biden Administration puts Americans First."

Kelly criticized the Biden Treasury Department for working with OECD and foreign governments on the Pillar 1 proposal without adequate involvement from Congress. He highlighted the disproportionate burden that American companies would face if Pillar 1 is enacted, emphasizing the need to protect American companies and consumers.

The negotiations surrounding Pillar 1 and Pillar 2 of the OECD's global minimum tax have raised significant concerns about the potential impact on U.S. tax revenues. Kelly pointed out that U.S. companies would bear a significant portion of the tax burden under the current proposals, leading to substantial revenue losses for the United States. He underscored the importance of Congressional oversight and involvement in these negotiations to safeguard American interests.

In his remarks, Kelly emphasized the need for cooperation between the Biden Administration and Congress to ensure that American taxpayers are not disadvantaged by international agreements. He stated, "The Biden Administration leapfrogged Congress and put the interests of foreign governments ahead of the concerns of the men and women elected to represent American taxpayers. We will do our due diligence to protect American companies and consumers and ensure they get a good deal."

The Biden Administration's approach to the OECD negotiations has faced criticism for lacking transparency and sufficient input from Congress. Kelly's advocacy for Congress to play a more active role in shaping these agreements reflects growing concerns about the potential implications for American businesses and tax revenues.

Overall, Rep. Mike Kelly's call for Congress to prioritize American interests in the OECD negotiations underscores the importance of ensuring that international agreements do not disproportionately burden American companies and taxpayers.