Republicans have agreed to remove a punitive tax provision from the reconciliation bill, following a request from Treasury Secretary Scott Bessent.
Bessent requested that congressional Republicans amend the tax and spending bill to remove what some have termed a “revenge tax” on foreign investments in a series of June 26 posts on X. The secretary said Section 899 of the tax proposal was no longer necessary after he and other U.S. officials spoke to trade partners at the G7 summit.
“After months of productive dialogue with other countries on the OECD [Organization for Economic Co-operation and Development] Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests,” Bessent said in his X post. …