Trump Tax Bill Section 899 Expected to Deter Foreign Investment, Risk 360,000 US Jobs

President Donald Trump's tax cuts bill includes a controversial provision known as Section 899, which allows the federal government to impose taxes on foreign-parented companies from countries deemed to have unfair tax policies against U.S. firms. While Trump promotes record levels of foreign investment into the U.S., critics, including the Global Business Alliance representing multinational corporations like Toyota and Nestlé, warn that Section 899 could deter foreign investment, potentially costing 360,000 American jobs and $55 billion in GDP annually over a decade. The provision is intended as a retaliatory measure against foreign governments with unfair tax codes, but many economists and business leaders argue it would harm American workers and undercut economic growth instead. Republican Rep. Jason Smith defends the measure as a necessary tool to protect U.S. business interests and urges the Senate to pass the bill swiftly. The Senate now faces pressure to amend or drop Section 899 amid concerns that it creates uncertainty in global tax relations and threatens Trump's political coalition and economic goals. The debate continues over whether the provision will advance or be rejected, with major business groups voicing alarm over its potential negative effects.