Bessent Calls on Congress to Scrap 'Revenge Tax' from Trump Tax Bill
Bessent's Appeal to Congress Regarding Foreign Investment Tax
Treasury Secretary Scott Bessent has urged House and Senate Republicans to abolish the controversial 'revenge tax' on foreign investments embedded in President Trump's sweeping tax bill. In a recent post on X, Bessent expressed his concerns about Section 899, which proposed imposing a tax of up to 20 percent on investments from nations perceived to have unfair economic practices towards U.S. businesses.
Why the 'Revenge Tax' is No Longer Needed
Bessent stated that after the United States along with its G7 partners reached a joint understanding that robustly protects American interests, the provision seems redundant. He stressed that removing this tax is in the best interest of fostering a healthy economic environment.
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