Congress Backs Removal of 'Revenge Tax' from Bill

Treasury Secretary Scott Bessent urged Congress to remove Section 899, the 'revenge tax' provision, from President Trump's tax bill after a new G7 agreement exempts U.S. companies from international minimum taxes. Congressional Republicans, including Senate Finance Committee Chairman Mike Crapo and House Ways and Means Committee Chairman Jason Smith, supported the removal, citing potential risks to foreign investment and U.S. jobs. Section 899 had been projected to raise up to $116 billion over a decade in the House version of the bill and $52 billion in the Senate version. International business groups welcomed the change, warning the tax could have deterred investment. Lawmakers indicated they may reinstate the provision if other countries violate the new tax agreement. The broader tax bill remains under negotiation in Congress.