Whose idea is Trump's big, absurd ‘revenge' tax?
An obscure item tucked deep inside President Donald Trump's big, beautiful tax and spending bill is spooking Wall Street. The question is how and why this idea came up in the first place.
Section 899, titled 'Enforcement of Remedies Against Unfair Foreign Taxes,' gives the White House the power to levy a new tax of up to 20 per cent on foreigners with US investments. It's nicknamed the 'revenge' tax, in that the administration would be able to charge investors from countries that it believes unfairly tax American businesses.
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