Executives Warn of 'Revenge Tax' Impact in US Tax Bill
Executives from major companies are lobbying in Washington to oppose a provision in Trump's budget bill (Section 899) that would impose higher taxes on foreign investments in the US, warning it could harm American jobs and reduce foreign investment. The measure targets countries with 'unfair foreign taxes' and could significantly impact international firms and foreign banks operating in the US, potentially leading to economic and market disruptions. Despite its aim to raise revenue, critics argue it could have negative consequences for US economic growth and international relations.