Grassley Honored by National Foreign Trade Council for Longtime Commitment to Pro-Growth Policies

Grassley Honored by National Foreign Trade Council for Longtime Commitment to Pro-Growth Policies

WASHINGTON - Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the tax-writing Senate Finance Committee, accepted the National Foreign Trade Council Foundation's (NFTC) International Tax Award for his decades-long commitment to pro-growth tax policies.

"I'm honored to be recognized for my work to grow our nation's economy through international tax reform," Grassley said. "During my time as chairman of the Senate Finance Committee, and still today as a senior member of the committee, I've approached tax writing as a way to bolster American businesses, increase wages and reinvest foreign earnings. I look forward to continuing my work to advance America-first tax policies, first and foremost by extending the 2017 Tax Cuts and Jobs Act."

"During Senator Grassley's long career in the Senate, he has always been a champion of tax policies that drive economic growth," said Anne Gordon, NFTC Vice President for International Tax Policy. "As Chairman of Senate Finance, he led efforts to simplify the tax code, reducing the Foreign Tax Credit baskets and creating a look-thru provision for U.S. subsidiaries, efforts which help streamline compliance and mitigate double taxation."

Grassley played a leading role in the 2017 Tax Cuts and Jobs Act and spearheaded the American Jobs Creation Act to simplify Foreign Tax Credits and increase American businesses' competitiveness overseas.

Photos and a transcript of Grassley's remarks upon accepting the award follow.

Download photos HERE.

Prepared Remarks by Senator Chuck Grassley of Iowa
"National Foreign Trade Council Foundation's International Tax Award"
Wednesday, April 2, 2025

It's good to join you this evening. I'm honored to accept this award from a group of innovators and entrepreneurs who take risks everyday to grow our economy and prosperity for hard-working Americans.

Around this time of year, a five-letter word in the English language strikes a chord among all Americans. And that word is TAXES.

One reason President Trump won re-election was his promise to renew the 2017 tax cuts. So, you'd think getting a bill to his desk to prevent the largest tax increase in U.S. history would be a no-brainer.

Unfortunately, this town is famous for gumming up the works, especially when it comes to taxes.

As a former chairman of the Senate Finance Committee, this isn't my first tax rodeo.

Two decades ago, I worked with my friend Senator Baucus to enact the American Jobs Creation Act, which included the most significant reforms to our international tax rules in decades. We hammered out provisions to simplify Foreign Tax Credits and increase the competitiveness of American businesses overseas.

Corporate inversions were a hot topic at the time and gaining prevalence. Provisions were added to stem the tide. However, I always saw corporate inversions as a symptom of our outdated and uncompetitive corporate tax structure. What we needed was comprehensive tax reform.

That finally came with the enactment of the Tax Cuts and Jobs Act.

Our corporate tax rate, which had become the highest in the developed world, was lowered to bring it in-line with that of our major trading partners. Moreover, our international tax system was modernized to unlock offshore earnings and allow trillions to be brought back and invested here at home.

And you know how many corporate inversions we've seen since enactment of these reforms?

Zero!

So, as Congress buckles down to renew the Trump tax cuts, let's learn from history. Increasing corporate taxes reduces our international competitiveness, incentivizes profit-shifting and stretches the tax gap.

During his first week back in office, I'm glad President Trump put out a fire the Biden administration started by surrendering U.S. taxing rights to global interests. You can be sure I'm working against discriminatory and unfair taxes on U.S. businesses and American workers.

Now Congress must get to work and renew the 2017 tax cuts. Failure is not an option.

Thank you.

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