Treasury Deal Kills ‘Revenge Tax' That Spooked Wall Street
The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 'revenge tax' proposal from President Donald Trump's tax bill.
'OECD Pillar 2 taxes will not apply to U.S. companies, and we will work cooperatively to implement this agreement across the OECD-G20 Inclusive Framework in coming weeks and months,' Treasury Secretary Scott Bessent said on social media Thursday.
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