Sen. Chuck Grassley (R-Iowa) joined Sen. Marco Rubio (R-Fla.) and 16 other Republican members in sending a letter to Sens. Bob Menendez (D-N.J.) and Jim Risch (R-Idaho), Chairman and Ranking Member, respectively, of the Senate Committee on Foreign Relations, urging them to prioritize the U.S.-Chile bilateral tax treaty by scheduling a committee vote on this important agreement.
“The Treaty is vitally important to U.S. foreign direct investment in Chile. Without ratification of the Treaty, Chilean tax rates are due to increase on U.S. companies’ Chilean operations and could reach a rate of 44.45 percent,” the senators wrote.
The U.S.-Chile bilateral tax treaty was negotiated in 2010 between the U.S. and Chile, approved by the Chilean Congress in 2015 and has failed to be ratified by the U.S. Senate. By failing to ratify the treaty, investments by U.S. companies in Chile could significantly weaken the U.S. economy.
Joining Grassley and Rubio are Sens. Bill Hagerty (R-Tenn.), Richard Burr (R-N.C.), John Boozman (R-Ark.), Thom Tillis (R-N.C.), Bill Cassidy (R-La.), James Lankford (R-Okla.), Roger Wicker (R-Miss.), Kevin Cramer (R-N.D.), Pat Toomey (R-Penn.), Rick Scott (R-Fla.), Todd Young (R-Ind.), John Barrasso (R-Wyo.), Steve Daines (R-Mont.), James Inhofe (R-Okla.), Cynthia Lummis (R-Wyo.) and Joni Ernst (R-Iowa)
Full text of the letter can be viewed HERE.
