U.S. Representatives Peter J. Roskam and Charles W. Boustany Jr., MD, Chairmen of the Ways & Means Subcommittees on Oversight and Tax Policy respectively, introduced legislation to strengthen our tax code and protect our national security.
As first reported by The Wall Street Journal, the "No Dollars for Ayatollahs Act," introduced by Chairman Roskam, and the "Preventing Investment in Terrorist Regimes Act," from Chairman Boustany, significantly ramp up the negative tax treatment and discourage companies from doing business with and providing financing to terror-supporting nations such as Iran.
Chairman Roskam issued the following statement:
"It's tragic to watch such an iconic American company make such a terribly short-sighted decision. If Boeing goes through with this deal, the company will forever be associated with Iran's chief export: radical Islamic terrorism. My bill will prevent Iran from accessing U.S. dollars in any manner by imposing a 100% excise tax on any transactions which directly or indirectly enable the Islamic Republic to make financial transactions in American currency."
Chairman Boustany issued the following statement:
"Bad tax policy gives American companies the incentive to conduct business with our enemies. The tax code should not allow goods, particularly those with potential military applications like airplanes, to be purchased by the chief agitator and state sponsor of terror in the Middle East. This is a common-sense bill that shuts down the pipeline of American-produced goods and technology to Iran, protecting our regional allies like Israel and strengthening our national security."