Lawmakers remove ‘revenge’ tax provision from Trump's big bill after Treasury requests its removal

Congressional Republicans agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill Thursday after Treasury Secretary Scott Bessent asked members of Congress to do so earlier in the day. The Section 899 provision would allow the federal government to impose taxes on companies with foreign owners, as well as investors from countries judged as charging “unfair foreign taxes” on U.S. companies. Bessent said in an X post that he made the request to lawmakers after reaching an agreement with other countries on the Organization for Economic Co-operation and Development Global Tax Deal.