US EditionLawmakers Remove 'Revenge' Tax Provision From Trump's Big Bill
- Last month, the House of Representatives approved the comprehensive legislation known as the One Big Beautiful Bill, which is currently being revised by the Senate with an aim to finalize changes by July 4.
- Section 899, commonly referred to as the revenge tax, was initially part of the bill and aimed to levy additional charges on overseas companies from nations that enact what the U.S. considers unfair digital taxes.
- The Global Business Alliance criticized this measure, warning that it could lead to a loss of approximately 360,000 American jobs and $55 billion in GDP each year as foreign investors might withdraw from the U.S. market.
- Republicans, led by Senators Crapo and Smith, removed Section 899 at Treasury Secretary Bessent's request after a global tax deal that defuses investment uncertainty.
- This removal aims to increase economic stability, support growth, and avert job losses linked to retaliatory taxes while respecting ongoing international agreements.
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Treasury close to deal that would make 'revenge tax' irrelevant
The Treasury Department is nearing a deal that would make the so-called "revenge tax" irrelevant, the agency's second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners.
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Leaning Left0Leaning Right2Center15Last UpdatedBias Distribution88% Center
Bias Distribution
- 88% of the sources are Center
88% Center
C 88%
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