US Treasury close to deal that would make ‘revenge tax' irrelevant
Washington | The US Treasury Department is nearing a deal that would make the so-called 'revenge tax' irrelevant, the agency's second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners.
'We continue to have negotiations with our OECD partners and continue to hope that in the very short run we have a breakthrough that would make conversations about 899 irrelevant,' Deputy Treasury Secretary Michael Faulkender said in an interview, referring to a part of President Donald Trump's signature tax legislation that would impose a levy on foreign companies and investors from countries that the US determines have been unfairly imposing digital taxes on American technology companies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
7NEWS
4 hours ago
- 7NEWS
Netanyahu to visit White House amid push for ceasefire
Israel' s defence minister says an end to the war in Gaza is near as US President Donald Trump prepares to host Israeli Prime Minister Benjamin Netanyahu for talks at the White House next week. The impending visit on Monday was confirmed by two US administration officials who spoke on the condition of anonymity. The trip will be Netanyahu's third visit to the White House since Trump returned to office, and it comes after the US inserted itself into Israel's war against Iran by attacking Iranian nuclear sites. After brokering a ceasefire between the two countries, Trump has signalled that he's turning his attention to bringing a close to the fighting between Israel and Hamas. Trump on Friday told reporters that 'we think within the next week we're going to get a ceasefire' in Gaza, but didn't offer any further explanation for his optimism. White House press secretary Karoline Leavitt said on Monday that Trump and administration officials were in constant communication with Israeli leadership and that bringing about an end to the Gaza conflict is a priority for Trump. 'It's heartbreaking to see the images that have come out from both Israel and Gaza throughout this war, and the president wants to see it end,' Leavitt added. 'He wants to save lives.' Meanwhile, Israel's Defence Minister Israel Katz has flagged an end to the conflict. 'We are now approaching the conclusion of the operation in Gaza,' Katz said in a statement on Monday. He reiterated Israel's objectives in the conflict, including the release of all hostages and the defeat of Islamist group Hamas. The war was sparked by Hamas and other Palestinian militants launching an attack on Israel on October 7, 2023. The prospect of peace comes as at least 34 people were killed in Gaza City, staff at the nearby Shifa Hospital told dpa, after eyewitnesses reported that a cafe on the promenade was hit by an Israeli attack. Among the victims were said to be several minors and women, as well as a journalist. Hamas, which controls Gaza, stated instead that the attack targeted a camp for displaced people on the beach, while the Palestinian news agency WAFA reported that a rest area on the beach was struck. The Israeli military said it was targeting several members of Hamas, saying measures had been taken beforehand to protect uninvolved civilians, including aerial surveillance of the area. The incident is under investigation. According to medical sources in the strip, at least 100 people were killed in Israeli attacks on Monday. At least 13 Palestinians were killed in firing by Israeli soldiers in the south of the Gaza Strip, near an aid distribution centre, WAFA said. It added that 10 others were killed in Israeli shelling in the area of a warehouse in the south of the city of Gaza. The Gaza Humanitarian Foundation (GHF) has denied similar reports of fatal incidents at its aid centres in the past. The foundation, which has been criticised by the United Nations and aid agencies operating in the Palestinian Territories, began its work last month following an almost three-month-long Israeli blockade of aid supplies. The US-backed GHF says it has since distributed more than 50 million meals to people in the war-torn coastal strip. The Israel Defense Forces hinted in a statement on Monday that operations around aid centres could have been handled better. 'Following incidents in which harm to civilians who arrived at distribution facilities was reported, thorough examinations were conducted in the Southern Command and instructions were issued to forces in the field following lessons learned,' the statement said. 'The aforementioned incidents are under review by the competent authorities in the IDF.'
Sky News AU
4 hours ago
- Sky News AU
Democrats ‘brainwashed' into hating US through critical race theory
Comedian Alex Stein says recent polls show Democratic voters are increasingly losing their pride in the United States. 'I believe those polls are exactly accurate because if you look in the past 24 years, what has changed, critical race theory has taught every single young child that being an American is a bad thing; you're inherently racist,' Mr Stein told Sky News host Rita Panahi. 'This is a serious thing; this is not an accident that they have basically brainwashed people into hating our country. 'It doesn't make sense; you wouldn't think the American flag would be considered a hate symbol to about half the people in our country, but that's where were are at.'
Sky News AU
4 hours ago
- Sky News AU
Donald Trump to attend opening of ‘Alligator Alcatraz' detention centre
Sky News host Rita Panahi says US President Donald Trump will be in Florida for the opening of what has been called 'Alligator Alcatraz'. White House Press Secretary Karoline Leavitt announced that the President will attend the opening of the new illegal alien detention centre, located in the heart of the Everglades. 'I can't imagine too many Democrats going and protesting on its gates; it sounds pretty ominous,' Ms Panahi said.
