Lawmakers remove ‘revenge’ tax provision from Trump’s big bill after Treasury Department request
June 26, 2025
Congressional Republicans have agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill. The lawmakers acted after a request by Treasury Secretary Scott Bessent earlier Thursday. The provision, Section 899, would have allowed 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. The measure was expected to lead many companies to avoid investing in the U.S. out of concern that they could face steep taxes. The removal of the provision adds a wrinkle to Republicans’ plans to try to offset the cost of the massive package.
