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.
- The US Treasury Department removed Section 899, known as the 'revenge tax,' from President Donald Trump's bill after reviewing tax agreements with G7 nations.
- Treasury Secretary Scott Bessent stated that removing Section 899 was necessary for protecting US tax sovereignty and ensuring stability for the global economy.
- This decision relieved Australian superannuation investors from a potential tax hike that could have raised withholding rates from 15% to 35% or even 50%.
61 Articles
61 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.
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