US EditionLawmakers remove ‘revenge’ tax provision from Trump’s big bill after Treasury Department request
UNITED STATES, JUN 26 – Treasury Secretary Scott Bessent called for removal of Section 899, a $52 billion 'revenge tax' provision, following a G7 agreement exempting U.S. companies from certain global taxes.
- Congressional Republicans removed the 'revenge tax' provision at the request of Treasury Secretary Scott Bessent.
- The Global Business Alliance estimates that the provision would have cost the U.S. 360,000 jobs and $55 billion annually over 10 years in lost gross domestic product.
- Bessent stated that the removal will provide 'greater certainty and stability for the global economy' and will enhance growth and investment in the United States and beyond.
- The Senate parliamentarian's advice regarding a Medicaid provider tax overhaul complicated Republican plans for offsetting costs.
59 Articles
59 Articles
In order to achieve concessions on the global minimum tax, the US President had threatened German and other foreign companies with a special levy. Now there is a compromise.
Republicans to Remove Punitive Tax Measure From Megabill After Treasury Secretary’s Request
Republicans have agreed to remove a punitive tax provision from the reconciliation bill, following a request from Treasury Secretary Scott Bessent. Bessent requested that congressional Republicans amend the tax and spending bill to remove what some have termed a “revenge tax” on foreign investments in a series of June 26 posts on X. The secretary said Section 899 of the tax proposal was no longer necessary after he and other U.S. officials spoke…
DECRYPTAGE - This project to tax the profits of international companies in the United States integrated into the "great and beautiful law" budget, had worried its partners as well as Wall Street.
Coverage Details
Bias Distribution
- 44% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
