‘Revenge Tax’ Nixed From GOP Tax Bill After Pushback: BGOV Tax

‘Revenge Tax’ to Be Cut From GOP Tax Bill

In a wild turnabout, a weeks-long campaign from Wall Street and other critics against a GOP proposal to raise tax rates on foreign companies and individuals worked, with Republicans agreeing to remove the proposal from their tax bill.

GOP lawmakers had included the so-called Section 899 “revenge tax” in the legislation in an effort to punish countries imposing “unfair” or retaliatory taxes on big US companies—largely tech firms. The levy was aimed at taxes like a part of the Organization for Economic Cooperation and Development-brokered Pillar Two minimum tax and various ...