New York CNN —
The Treasury Department and Congress on Thursday moved to kill a so-called revenge tax that was set to raise taxes on foreign investment and had spooked Wall Street and global business leaders.
Treasury Secretary Scott Bessent on Thursday announced a deal with G7 partners that will exclude US companies from some global taxes in exchange for the US dropping Section 899 from Republican’s “One Big Beautiful Bill Act.”
Bessent said in a post on X that he would ask Congress to remove Section 899 from the budget bill. Senator Mike
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