BY TYLER DURDEN
FRIDAY, JUN 27, 2025 – 09:30 AM
Wall Street analysts are breathing a major sigh of relief this morning following overnight news that President Trump’s ‘One, Big, Beautiful Bill’ will not include the controversial Section 899 "revenge tax" proposal. The announcement came after Treasury Secretary Scott Bessent posted on X, noting that productive discussions with international trade partners have helped "defend American interests."
Trump’s support for Section 899 stems from his economic nationalism agenda and desire to penalize foreign countries that discriminate against U.S. companies through digital services taxes and other taxes. This was primarily aimed at countering the taxation of U.S. firms by several European countries, as well as Canada and Australia.
"Based on this progress and understanding, I have asked the Senate and House to remove the Section 899 protective measure from consideration in the One, Big, Beautiful Bill. This understanding with our G7 partners provides greater certainty and stability for the global economy and will enhance growth and investment in the United States and beyond," Bessent wrote in a series of X posts.
He continued, "By reversing the Biden Administration’s unwise commitments, we are now protecting our Nation’s authority to enact tax policies that serve the interests of American businesses and workers," adding, "We are also preserving our tax base, preventing the loss of over $100 billion in American taxpayer dollars according to Treasury estimates and the non-partisan Joint Committee on Taxation."
Please read more at the below link
https://www.zerohedge.com/markets/gop-kills-revenge-tax-trumps-megabill-wall-street-breathes-easy