A new proposal from the chairman of the Senate Finance Committee Ron WydenRonald (Ron) Lee WydenBiden should call for an end to normal trade relations with Russia. The IRS budget has been beefed up as the agency battles the backlog of tax returns. (D-Ore.) seeks to eliminate tax benefits for sanctioned Russians doing business in the United States, as well as to remove U.S. tax credits and deductions for taxes paid to Russia.

“Russian oligarchs and companies supporting [Russian President Vladimir] Putin should not get tax breaks in the United States,” Wyden said in a statement. “We should remove all special tax benefits for all sanctioned persons, as well as give [Treasury Secretary Janet] Yellen the power to identify other individuals, companies or governments supporting the invasion who should lose their tax benefits.

The plan would reverse lower withholding tax rates on payments such as dividends and interest for wealthy Russians and Belarusians listed by the Treasury Department’s Office of Foreign Assets Control (OFAC).

“Giving the Secretary of the Treasury the power to identify other individuals and entities creates a safety net that ensures those not subject to OFAC sanctions are exposed to financial sanctions, if any,” Wyden said.

The proposal would also remove the preferential corporate tax rate of 10.5% for companies doing business in Russia, as well as the foreign tax credit which ensures that companies are not double taxed in different countries. Russia would share the US tax status of countries like Iran, North Korea, Syria and Sudan.

“It’s not immediately clear if Wyden wants American companies to start breaking Russian tax rules,” Daniel Bunn, international tax researcher at the Washington DC-based Tax Foundation, said in an interview. “But cutting Russia is definitely an idea that is being discussed.”

In 2018, U.S. companies paid $130 million in Russian taxes on $890 million in taxable income, according to IRS foreign tax credit records.