US EditionLawmakers remove ‘revenge’ tax provision from Trump’s big bill after Treasury Department request
- Congressional Republicans removed the so-called revenge tax provision from President Donald Trump's big bill at Treasury Secretary Scott Bessent's request on Thursday.
- The removed provision would have taxed companies with foreign owners and investors from countries charging unfair taxes on U.S. firms.
- An analysis by the Global Business Alliance estimated that the provision could result in a loss of 360,000 jobs and $55 billion in GDP over ten years.
- Bessent stated that this removal would provide greater certainty for the global economy and enhance growth in the U.S. and beyond.
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Canberra CityNews
PerthNowSuper funds spared billions after US axes 'revenge tax'
Australia’s superannuation industry holds more than $600 billion worth of US assets. (Dan Peled/AAP PHOTOS) By Jacob Shteyman in Canberra Australian superannuation funds are breathing a sigh of relief after the US dropped a so-called “revenge tax” on foreign investors. The super industry had been ringing alarm bells over section 899 of President Donald Trump’s proposed “big beautiful bill”, which would have raised taxes by up to 15 percentage po…
Lawmakers scrap ‘revenge’ tax provision from Trump’s big bill after Treasury requests its removal
WASHINGTON: Congressional Republicans agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill Thursday after Treasury Secretary Scott Bessent asked members of Congress to do so earlier in the day. The Section 899 provision would allow the federal government to impose taxes on companies with foreign owners, as well as investors from countries
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