House Ways & Means Committee Chairman Paul Ryan, R-Wis., asked President Obama this week not to waive provisions of the tax code that punish companies for doing business with Iran.
In a Tuesday letter to Obama released on Wednesday, Ryan pointed out that U.S. tax law can face punitive taxes if they do business with any country designated as a supporter of terrorism. Those can include a denial of foreign tax credits, and the immediate taxation on any profits from those countries.
But Ryan noted that the law also lets the president waive these provisions if he believes doing so is in the national interest of the United States. Ryan asked if Obama envisions using that waiver under the Joint Comprehensive Plan of Action, or JCPOA, which is the nuclear agreement it struck with Iran.
“[H]as the administration made any direct or indirect commitment or promise of any kind, whether or not in writing, that you will exercise your waiver authority … with respect to Iran?” Ryan asked. “Furthermore, will you commit not to exercise the waiver authority … with respect to Iran during the remainder of your term in office?”
The Obama administration is already planning on waiving other sanctions against Iran and unfreezing its assets, which will give Iran access to at least $100 billion in funds, as part of the nuclear deal.
Republicans have criticized the agreement as one that would give Iran access to money and conventional weapons, without any assurances that Iran will stop supporting terrorist activities in the region. Ryan ended his letter by asking Obama to work with the GOP on tightening sanctions on Iran again, an option Obama has made clear he can only support if Iran is found to be violating the JCPOA.
“The idea that a nuclear Iran can be deterred is unrealistic,” Paul wrote. “Instead of opening pathways for Iran’s nuclear and terrorist agenda, your administration should work with Congress to strengthen sanctions regimes until Iran changes its behavior.”
Read Ryan’s letter here:
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