"Revenge tax" being yanked from "big, beautiful bill," Bessent says

[BumRushDaShow]

Source: Axios

Updated 4 hours ago


Treasury Secretary Scott Bessent has asked Congress to remove a controversial "revenge tax" provision of the "big, beautiful bill" after striking a deal on global corporate taxes, he said said Thursday.

Why it matters: The provision worried global investors, as it gives the president the authority to tax foreign holdings of U.S. investments. Some worried it would slow the flow of foreign capital into the U.S.

Now, the provision also known as Section 899 appears likely to be stricken from the One Big Beautiful Bill Act, which has passed the House and is pending before the Senate.

Driving the news: After months of dialogue, "we will announce a joint understanding among G7 countries that defends American interests," Bessent posted on X Thursday afternoon.

A Biden-era deal for minimum global taxes on corporations "will not apply to U.S. companies," Bessent wrote.

"Based on this progress and understanding, I have asked the Senate and House to remove the Section 899 protective measure from consideration" in the sweeping tax legislation.

"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," he wrote.

Read more: https://www.axios.com/2025/06/26/trump-revenge-tax-budget

[vapor2]

1. This administration is all about REVENGE

[FakeNoose]

2. That's all Chump lives for is revenge

That's why he wanted to be president ...

What an asshole!

[Fiendish Thingy]

3. My guess:

Carney, Starmer and the leaders of other nations most likely told Bessent if the tax went through, they would liquidate all their holdings of treasury bonds, all at once, crashing the US economy and collapsing the value of the dollar.

Let’s hope this decision sticks.

[Festivito]

8. That and it might fool headline readers to think the rich tax break went from Big Bad Bill.

[slightlv]

4. The whole damned bill is a revenge bill against US!

[Ford_Prefect]

5. None of this is law yet, nor budget act until they actually vote in agreement. The GOP has a long and well tested

method of slipping unread language into bills at the last possible moment hidden in sections which appear to be about resolving other actions. The result is that the sections so installed alter other parts of the bill and are voted on as concurrence without anyone in either house of congress having read the actual language to see that it does this.

Hell will be frozen over for 2 weeks before I'll believe we are in any sense saved from the financial madness, the cultural revenge, and the viscous intent of either monstrous bill.

As I once said before: The GOP should be burned to the ground and buried in salted earth. They have no more remorse nor shame than the Mango Menace whose orders they obey and whose guilt they all share. They are as much a threat to humanity as he, his minions, and his controllers are.

[OldBaldy1701E]

7. Yup. (n/t)

[progressoid]

6. "it appears that a provision that was making Wall Street sweat will not end up in the law."

Aaaaand there it is.