US Treasury Urges Congress to Remove 'Revenge Tax' from Budget Bill
TL;DR Summary
The US Treasury has requested Congress to remove a provision in Trump's budget bill that would have allowed the US to impose extra taxes on foreign companies from countries with punitive tax policies, aligning with the OECD's global minimum tax regime and avoiding market disruption.
- US Treasury asks Congress to scrap retaliatory tax measure in Trump budget bill Financial Times
- Bessent asks lawmakers to drop megabill’s ‘revenge tax,’ citing progress in global talks Politico
- Treasury Deal Kills ‘Revenge Tax’ That Spooked Wall Street Bloomberg
- "Revenge tax" being yanked from "big beautiful bill," Bessent says Axios
- Bessent calls on Congress to scrap ‘revenge tax’ from Trump bill after G7 strikes deal The Hill
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