Revenge Tax Removed from U.S. Bill Following G7 and Global Tax Talks
TL;DR Summary
The US Treasury and Congress have agreed to remove Section 899, a controversial 'revenge tax' aimed at retaliating against global tax frameworks and digital services taxes, effectively killing the measure before it takes effect, in exchange for excluding US companies from some global taxes.
- The ‘revenge tax’ is dead before it even started CNN
- Lawmakers remove ‘revenge’ tax provision from Trump's big bill after Treasury Department request AP News
- G7 Backs Plan for ‘Side-by-Side’ Tax System to Avoid U.S. Fight The New York Times
- Bessent asks lawmakers to rid US budget bill of Trump's retaliatory tax plan after G7 deal Reuters
- GOP agrees to drop 'revenge tax' from megabill after Bessent cites progress in global talks Politico
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