Bob Menendez: “2 weeks ago I came to the Senate floor to ask unanimous consent to ratify the protocol amending our tax treaty with…”

“2 weeks ago I came to the Senate floor to ask unanimous consent to ratify the protocol amending our tax treaty with Switzerland. I argued that the new protocol would no longer permit Swiss banks to withhold information on U.S. individuals who have hidden behind Swiss bank secrecy laws to avoid paying U.S. taxes. Today I come to the Senate floor to ask unanimous consent to ratify the bilateral income tax treaty with Chile. If the protocol with Switzerland is the perfect example of how tax treaties enhance our efforts to prevent tax evasion, the treaty with Chile--the first between our two countries--is the perfect example of why the United States pursues tax treaties. We pursue them to promote greater trading investment. We pursue them to protect American companies from double taxation. We pursue them to expand new markets and develop new business opportunities for companies and investors. On April 1 the Foreign Relations Committee, with strong bipartisan support, reported favorably on a proposed new income tax treaty with Chile. If ratified, the treaty would be only the third U.S. tax treaty in all of Latin America, but it would be a significant step forward in a region critical to U.S. international economic interests and would be with one of our strongest allies in the hemisphere. What does this treaty do? Simply put, it promotes trade and investment between the United States and Chile.…”