Treasury Official Kies Floats ‘Revenge Tax’ Revival: BGOV Tax

‘Revenge Tax’ Proposal Could Resurface

The Treasury Department will likely back Congress to revive the “revenge tax” proposal if other countries fail to follow through on their commitments to exempt US companies from parts of the global minimum tax, a department official told lawmakers.

Kenneth Kies, assistant secretary for tax policy at Treasury and acting IRS chief counsel, made comments on the topic Tuesday during a private meeting with Republican members of the House Ways and Means Committee, panel Chair Jason Smith (R-Mo.) told Bloomberg Tax.

The revenge tax, also known as Section 899, would raise tax rates on businesses ...