Treasury Secretary Scott Bessent asked congressional leadership to remove a provision from the Republican tax legislation that would give the Treasury Department the ability to implement a so-called “revenge tax” on certain foreign investors.
The “revenge tax” provision, called Section 899, was included to stop certain foreign countries from taxing U.S. firms in a way that Republicans contend is discretionary. Bessent said his request for Section 899 to be removed came as a result of “a joint understanding among G7 countries.”
“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,” Bessent said. “This understanding with our G7 partners provides greater certainty and stability for the global economy
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