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Business & Economy
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Business & Economy
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Bessent calls for nixing ‘revenge tax’ in Trump bill
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Treasury Secretary Scott Bessent asked House and Senate Republicans to scrap the “revenge tax” on foreign investments from their versions of President Trump’s sweeping tax bill.
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In a post on the social platform X, Bessent said Thursday that he asked GOP lawmakers to strike Section 899, which would have imposed a tax of up to 20 percent on investments from countries with economic policies deemed unfair to U.S. businesses, from their legislation.
Bessent said the provision was no longer necessary after the U.S. and its partners in the G7 reached a “joint understanding … that defends American interests.”
He said the deal will “[preserve] our tax base” and that “OECD Pillar 2 taxes will not apply to U.S. companies.” OECD Pillar 2 is a global minimum tax agreement that the U.S. is a party to but that has not been domestically implemented so far.
The retaliatory tax in the Republican tax-and-spending cut bill specifically called out Pillar 2’s “undertaxed profit rule” (UTPR) as well as digital services taxes that could apply to U.S. tech giants.
The undertaxed profits rule allows U.S. subsidiaries of multinational companies to be taxed if their parent company isn’t taxed at the base rate of 15 percent.
The Hill’s Sylvan Lane and Tobias Burns have more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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The Trump Organization’s new mobile phone venture, Trump Mobile, has removed language from its website suggesting that its forthcoming smartphones will be made in the U.S.
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A White House adviser and two key senators said Thursday they are now hoping to pass legislation laying out oversight of the crypto industry by the end of September, pushing back an earlier August deadline.
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The economy is not the most pressing issue for a majority of surveyed voters for the first time this year, according to a new poll.
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Senate referee rejects key Medicaid cuts in Trump’s ‘big, beautiful bill’
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Senate Parliamentarian Elizabeth MacDonough has rejected key Medicaid provisions in the Senate GOP megabill, a ruling that appears to strike a major blow to Republicans’ strategy for cutting federal spending.
The Senate’s referee rejected a plan to cap states’ use of health care provider taxes to collect more federal Medicaid funding, a proposal that would have generated hundreds of billions of dollars in savings to offset the cost of making President Trump’s corporate tax cuts permanent, according to a Democratic summary of the parliamentarian’s ruling.
The decision could force Senate Majority Leader John Thune (R-S.D.) to reconsider his plan to bring the Senate bill up for a vote this week.
The cap on health care provider taxes in both states that expanded Medicaid and did not expand Medicaid under the Affordable Care Act was projected to save hundreds of billions of dollars over the next 10 years, but it would have forced states to shoulder substantially more of the cost for Medicaid coverage.
The Hill’s Alexander Bolton has more here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we’re watching:
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- The May personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, is set for release on Friday at 8:30 am E.T.
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Branch out with more stories from the day:
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Nearly every Windows user has had a run in with the infamous “Blue Screen of Death” at some point …
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Business and economic news we’ve flagged from other outlets:
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- S&P 500 closes modestly higher, a hair’s breadth away from hitting a new record (CNBC)
- Nike’s results top estimates. But CEO says they’re still ‘not where we want them to be.’ (Market Watch)
- Trump Media’s stock has plunged by nearly half since the election. Now it’s taking action (CNN)
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Top stories on The Hill right now:
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Defense Secretary Pete Hegseth attacked Jennifer Griffin, his former colleague at Fox News and a longtime member of the Pentagon press corps, amid a broader push to discredit media outlets reporting on intelligence laying out the extent of damages done by U.S. strikes to Iranian nuclear sites. Read more
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Alabama Sen. Tommy Tuberville (R) on Thursday called for Senate Majority Leader John Thune (R-S.D.) to fire Parliamentarian Elizabeth MacDonough “ASAP,” hours after she delivered a major ruling against a Republican proposal to slash hundreds of billions of dollars in federal Medicaid spending to … Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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