From Yahoo Finance: 2025-06-11 12:16:00

U.S. Treasury Secretary Scott Bessent stated that the Republican tax and spending bill will prevent hundreds of billions of dollars in corporate tax payments from going to foreign governments. The bill aims to deter countries from collecting revenues from U.S. companies through the global minimum corporate tax, known as “Pillar Two.”

Bessent emphasized that the U.S. tax system will not align with Pillar Two, allowing the country to retain corporate revenues. The proposed Section 899 tax in the bill could generate up to $116 billion over 10 years by imposing a progressive tax burden of up to 20% on foreign investors’ U.S. income, targeting countries with unfair taxes.

Concerns have been raised about the impact of the proposed tax on the attractiveness of U.S. investments. The bill, if passed, aims to protect American sovereignty on tax matters and prevent corporate revenues from being drained into foreign treasuries, amounting to hundreds of billions of dollars.



Read more at Yahoo Finance: Bessent says Republican tax bill will reclaim US corporate tax sovereignty