The December 3 House Ways and Means Tax Subcommittee hearing on "Promoting Global Competitiveness for American Workers and Businesses" largely focused on the benefits of Republican tax reform bills in 2017 and 2025, potential additional international tax law changes, and Democratic concerns over the Administration's tariffs policies. There was also significant discussion of the OECD-led global tax deal, as an international agreement is awaited on a side-by-side system that would exempt US multinationals from most Pillar Two global minimum tax rules.

In an opening statement, Chairman Mike Kelly (R-PA) praised this year's reconciliation bill for strengthening international tax policy, and criticized Democrats for what he views as Democrats leading the nation into the OECD-led global tax agreement that threatened to cost the US significant revenue before the current Administration reversed course "to secure a strong international tax deal for the American taxpayer." Ranking Member Mike Thompson (D-CA) focused on the Administration's tariff policies.

Additional information can be found in the attached WCEY Alert.

Testimony from the hearing is available here.