Republicans in Congress agree to remove tax proposal affecting Canadian companies
Congressional Republicans have decided to eliminate a tax provision targeting foreign-owned companies, including Canadian firms, from President Trump's bill. The move follows Treasury Secretary Scott Bessent's request to Congress, aiming to enhance global economic growth and investment.
Congressional Republicans have agreed to remove the revenge tax provision from President Donald Trump’s bill after Treasury Secretary Scott Bessent's request. The provision would have allowed taxes on companies with foreign owners and investors from countries with unfair taxes on U.S. companies. This move is expected to boost investment and growth in the U.S. and beyond.
Bessent made the request after reaching an agreement with other countries on the OECD Global Tax Deal. The removal of the provision is estimated to save 360,000 jobs and US$55 billion annually over 10 years in the U.S. The bill aims to offset costs but faces challenges due to procedural rules.
According to the source: The Globe and Mail.
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