Congress seeks to ramp up pressure on Russia for attacks on Ukraine. U.S. Senate Finance Committee Chair Ron Wyden (D-OR) wants to abolish tax breaks for wealthy Russians supporting Russian President Vladimir Putin. This would be on top of economic sanctions already imposed. Provisions being discussed include denying foreign tax credits and deductions for taxes paid to Russia and Belarus, plus denying other tax benefits. Also proposed is the elimination of the preferential global intangible low-taxed income rate on Russian and Belarussian income. “The Finance Committee is continuing to develop these and other proposals to hold Russia accountable for its bloody invasion,” Wyden stated.
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