WASHINGTON — The Coalition for a Prosperous America (CPA) today applauded Senate Finance Committee Chair Ron Wyden (D-OR) and Senate Finance Committee Member Rob Portman (R-OH) for releasing a discussion draft of legislation to disallow Foreign Tax Credits for companies that pay taxes to the Russian government, and other tax benefits. Yesterday, CPA released a statement in support of Congress passing legislation to revoke Russia’s permanent normal trade relations (PNTR) status.
“We applaud Chairman Wyden and Senator Portman for releasing a bipartisan framework that would restrict Foreign Tax Credits for multinational companies that continue to operate in Russia,” said Zach Mottl, Chairman of CPA. “As Russia commits genocide and other atrocities in Ukraine, Congress must take additional action to ensure Russia is not benefiting from access to the U.S. economy, including by banning Russian companies that are currently present in U.S. capital markets. America is the safest, cleanest, and most reliable place to produce anything. In addition to punishing multinational corporations that still wish to profit off of authoritarian regimes, Congress must pass legislation to increase domestic production so American workers and manufacturers can provide the world with alternatives to items currently sourced in Russia.”
Last month, CPA released a statement in support of Wyden’s proposal that would eliminate tax breaks for Russian oligarchs and bar companies from claiming Foreign Tax Credits for levies paid to Russia and Belarus. In February, CPA called for trade and financial sanctions on Russia to hamper its ability to wage war.