GBA Statement on the Defending American Jobs and Investment Act

Nancy McLernon, president and CEO of the Global Business Alliance, today issued the following statement in response to the introduction of the Defending American Jobs and Investment Act (H.R. 3665): 

“The Biden-Harris Administration’s signature accomplishments are built extensively on offering incentives designed to move production into the United States. There is great uncertainty on how these tax credits could be applied as other nations implement the OECD’s global minimum tax. As Europe, Korea and other nations move forward, U.S. companies have been given little guidance and could very soon find that the tax incentives to invest here become little more than a massive transfer of U.S. tax dollars to foreign countries. I am sure that was not the intent of the Administration when they negotiated the Pillar II rules or when the last Congress passed these incentives, but that is where we stand, nonetheless. As I’ve said repeatedly, Treasury must work with our trading partners to fix this issue, and it should be in coordination with Congress. So, while I understand the perspective Chairman Smith and his colleagues on the Ways and Means Committee, imposing discriminatory taxes on international companies that have made a deliberate decision to invest and create millions of high-quality U.S. jobs is misguided.”