Kelly chairs Ways & Means Tax Subcommittee hearing, highlights American workers & businesses

WASHINGTON, D.C. -- Today, Ways & Means Subcommittee on Tax Chairman Mike Kelly (R-PA) held a hearing on the importance of pro-growth international tax policy to promote capital investment and to create more high-quality jobs in the United States. 

The hearing examined the benefits of the pro-growth, pro-worker Working Families Tax Cuts passed earlier this year, and the potentially harmful impact of the Organization for Economic Co-operation and Development’s (OECD) global minimum tax – known as Pillar 2 – on U.S. businesses and corporations. In 2023, analysis by the Joint Committee on Taxation projected the U.S. would lose over $120 billion in tax revenues due to Pillar 2, which was negotiated by the Biden Administration.

"The Tax Cuts and Jobs Act made this nation the best place in the world to build, invest, and create jobs. The new Working Families Tax Cuts law is building upon that success by protecting and creating over 7 million jobs," said Chairman Kelly. "It’s vital that international trade deals also provide certainty for U.S. companies and fair treatment for foreign companies who wish to invest in the United States."

WATCH and DOWNLOAD Rep. Kelly's opening statement here.

Hearing witnesses included former Ways & Means Committee Chairman Kevin Brady.

You can download and read witness testimony here.