{"id":32681,"date":"2025-06-26T20:28:54","date_gmt":"2025-06-26T20:28:54","guid":{"rendered":"https:\/\/financialrush.com\/?p=32681"},"modified":"2025-06-26T20:28:54","modified_gmt":"2025-06-26T20:28:54","slug":"us-treasury-asks-congress-to-scrap-retaliatory-tax-measure-in-trump-budget-bill","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=32681","title":{"rendered":"US Treasury asks Congress to scrap retaliatory tax measure in Trump budget bill"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\">Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=5d99c735-97e4-4574-be16-81da32ac48eb&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The Treasury has asked Congress to scrap a provision in Donald Trump\u2019s flagship budget bill that allows the US government to raise taxes on foreign investments from select countries, reversing a plan that Wall Street warned could roil markets. <\/p>\n<p>Treasury secretary Scott Bessent said on Thursday that parts of the OECD\u2019s global minimum tax regime, known as Pillar 2, would no longer apply to US companies. As a result, the retaliatory measure in the US president\u2019s \u201cbig, beautiful\u201d <a href=\"https:\/\/www.ft.com\/us-budget\" data-trackable=\"link\">budget<\/a> bill was no longer needed. <\/p>\n<p><a href=\"https:\/\/www.ft.com\/stream\/ecf54e1e-751a-4c5f-85ce-fdc32f0e9970\" data-trackable=\"link\">Bessent<\/a> said on social media site X that his agency had asked lawmakers in the House of Representatives and the Senate to remove the Section 899 provision in Trumps\u2019 bill. Section 899 would have allowed the US government to impose extra taxes on companies and investors from countries that it deemed to have punitive tax policies such as those allowed under the Pillar 2 regime. <\/p>\n<p>Some banks and investors had argued Section 899 could cause a decline in corporate investment and a retreat from US assets. <\/p>\n<p>Bessent said the deal on Pillar 2 came after \u201cafter months of productive dialogue\u201d. <\/p>\n<p>Pillar 2 taxes formed part of an OECD deal, agreed in 2021 as part of the biggest global tax reform for more than a century. <\/p>\n<p>The second pillar introduces a global minimum 15 per cent corporate tax rate and started to take effect this year, with measures allowing other countries to collect the minimum tax if companies\u2019 home countries do not. <\/p>\n<p><em>This is a developing story<\/em> <\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/5d99c735-97e4-4574-be16-81da32ac48eb\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington,&hellip;\n","protected":false},"author":6,"featured_media":32682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-32681","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32681"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/32682"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}