Tax bill gives Trump power to retaliate against foreign digital taxes, bipartisan backlash

From Yahoo Finance: 2025-05-30 06:09:00

The U.S. tax bill under consideration includes a provision giving Trump the power to retaliate against countries imposing digital service taxes on U.S. tech giants like Amazon and Alphabet. Bipartisan backlash in Washington against such levies has emerged. The provision could generate $116 billion over a decade but could also deter foreign investment. The House passed the bill and the Senate will now review it. Section 899 would allow Treasury to label foreign tech taxes as “unfair” and subject those countries to increased taxes. Experts caution that taxing foreigners could hinder foreign investment in the U.S.



Read more at Yahoo Finance: Tax bill contains ‘sledgehammer’ for Trump to retaliate against foreign digital taxes