Lawfare
Amid the search for economic leverage over Russia, Sen. Ron Wyden has proposed utilizing tax law to deny tax credits to U.S. companies that pay Russian taxes. The proposal also limits the scope of the U.S.-Russia tax treaty, and it might enhance the pressure of financial sanctions. But Wyden’s proposal requires congressional approval—a fact that reveals how difficult it is to use tax policy as a tool of economic statecraft. Congress needs to rethink tax law so it can complement other economic tools. And Congress needs to act soon, because overreliance on other tools—financial sanctions, export controls and tariffs—threatens their long-term viability.
Income tax
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