PASSED: As Russia Helps Iran Target U.S. Military, Cortez Masto’s Bipartisan Bill to Prevent American Tax Dollars from Subsidizing Putin’s War Machine Passes Senate

FTP for TV stations of her remarks is available here.

Washington, D.C. - Following reports that Russia is providing Iran with intelligence to target American military forces, Senator Catherine Cortez Masto (D-Nev.) passed her bipartisan bill with John Cornyn (R-Texas) to prevent businesses from claiming a foreign tax credit or deduction against taxes paid to fund the Russian government's war machine. Cortez Masto spoke about the bill on the Senate floor, and it passed the chamber by unanimous consent.

Currently, businesses paying taxes in foreign countries are eligible to claim a tax credit or deduction in the United States to reduce the burden of double taxation. There are certain hostile countries to which this tax credit does not apply, including North Korea and Iran, and Cortez Masto's HONOR Act would add Russia to that list.

Below are her remarks as prepared for delivery:

Mr. President, the bill we just passed today is a bipartisan bill to make sure American families aren't on the hook for taxes being paid to Vladimir Putin's war machine.

Last week, we received disturbing reports that Russia is providing Iran with intelligence to target U.S. forces. They're passing along critical information like the locations of our military assets, including warships and aircraft.

That's unacceptable. Not just to me - ask most Americans and they'll same the same thing.

Putin is actively aiding our enemy; our tax dollars shouldn't be supporting his efforts to harm American troops.

That's why we passed this bill today.

Let me explain why.

Currently, U.S. law allows businesses paying taxes in foreign countries to claim a tax credit or deduction in the United States, so they don't get taxed twice.

Normally, this makes sense. It promotes international investment and cooperation and simplifies our tax code.

Importantly, this tax credit doesn't apply to hostile nations like North Korea and Iran that use these funds to support terrorism and harm our military.

The bill I passed today, S.327, the HONOR Act, would add Russia to that list alongside our other adversaries.

It's common sense that we should disincentivize funding our adversaries in Russia when they are helping Iran target U.S. service members - several of whom have tragically lost their lives to this conflict already.

Russia has been our enemy long before now, and Putin's illegal war in Ukraine made that even more apparent. That's why Senator John Cornyn and I introduced this bill over a year ago.

Passing this bill is more urgent than ever now that we know Russia is acting against us by aiding Iran.

Now, I want to make this clear: I don't agree with President Trump's war in Iran.

This administration slashed Medicaid for millions of American families, then turned around and launched a multi-billion-dollar war without Congressional approval. It puts America Last.

But no matter what you think about this war, we cannot continue to allow Vladimir Putin's regime to financially benefit while they are attacking and killing our service members.

It's that simple. We passed the HONOR Act, and we did it in a bipartisan and unanimous way.

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