Wyden wants to end tax credits for taxes paid to Russian government
Oregon Senator Ron Wyden says he wants to block corporations from getting tax credits for taxes they pay to the Russian government.
Companies based in the U.S. don’t have to pay taxes on income that is taxed by other countries. But the U.S. denies that break for taxes paid to countries that it accuses of engaging in terrorism, including North Korea and Syria.
Wyden said during a town hall meeting in Klamath Falls on Friday that by continuing to give the break to companies operating in Russia, “you, in Klamath Falls, and anybody in Chicago or Florida or everywhere else, you are subsidizing the Russian war machine.”
Wyden and Senate Majority Leader Chuck Schumer of New York are “exploring legislation” to add Russia to the list of countries where foreign taxes don’t qualify for a credit, according to The Hill.
Some American companies have stopped doing business in Russia in response to that country’s invasion of Ukraine, but others continue to operate there.