HR 591

The Defending American Jobs and Investment Act aims to counter foreign countries’ extraterritorial and discriminatory tax practices. It requires the Treasury Department to identify such countries and engage in enhanced bilateral discussions to address these issues. The bill also increases income and withholding tax rates on citizens and corporations from listed foreign countries and grants the President tools like prohibiting government contracts and influencing tax treaty negotiations. Ultimately, the goal is to protect U.S. businesses and investments from unfair tax burdens imposed by other nations.