Investors Urge for Revisions to Foreign Tax Section in Trump’s Budget Bill

Industry groups representing real estate, finance, and multinational corporations are calling for adjustments to the foreign tax provisions within the Republican tax bill known as Section 899. They argue that this provision, which levies a progressive tax burden of up to 20% on US income for foreign companies, poses significant threats to their businesses, the overall economy, and global markets. The measure directly targets major EU countries, the UK, Australia, Canada, and numerous other entities worldwide, according to law firm Davis Polk.