Latest news with #BEAT
CNBC
a day ago
- Business
- CNBC
What a ‘revenge tax' in Trump's spending bill could mean for investors
As the Senate weighs President Donald Trump's multi-trillion-dollar spending package, a lesser-known provision tucked into the House-approved bill has pushback from Wall Street. The House measure, known as Section 899, would allow the U.S. to add a new tax of up to 20% on foreigners with U.S. investments, including multinational companies operating in the U.S. Some analysts call the provision a "revenge tax" due to its wording. It would apply to foreign entities if their home country imposes "unfair foreign taxes" against U.S. companies, according to the bill. "Wall Street investors are shocked by [Section] 899 and apparently did not see it coming," James Lucier, Capital Alpha Partners managing director, wrote in a June 5 analysis. More from Personal Finance:The average 401(k) savings rate hit a record high. See if you're on trackOn-time debt payments aren't a magic fix for your credit score. Here's whyWith 'above normal' hurricane forecasts, check your home insurance policy If enacted as written, the provision could have "significant implications for the asset management industry," including cross-border income earned by hedge funds, private equity funds and other entities, Ernst & Young wrote on June 2. Passive investment income could be subject to a higher U.S. withholding tax, as high as 50% in some cases, the company noted. Some analysts worry that could impact future investment. The Investment Company Institute, which represents the asset management industry serving individual investors, warned in a May 30 statement that the provision is "written in a manner that could limit foreign investment to the U.S." But with details pending as the Senate assesses the bill, many experts are still weighing the potential impact — including who could be affected. Here's what investors need to know about Section 899. As drafted, Section 899 would allow the U.S. to hike existing levies for countries with "unfair foreign taxes" by 5% per year, capped at 20%. Several kinds of tax fall under "unfair foreign taxes," according to the provision. Those include the undertaxed profits rule, which is associated with part of the global minimum tax negotiated by the Biden administration. The term would also apply to digital services taxes and diverted profits taxes, along with new levies that could arise, according to the bill. The second part of the measure would expand the so-called base erosion and anti-abuse tax, or BEAT, which aims to prevent corporations from shifting profits abroad to avoid taxes. "Basically, all businesses that are operating in the U.S. from a foreign headquarters will face that," said Daniel Bunn, president and CEO of the Tax Foundation. "It's pretty expansive." The retaliatory measures would apply to most wealthy countries from which the U.S. receives direct foreign investment, which could threaten or harm the U.S. economy, according to Bunn's analysis. Notably, the proposed taxes don't apply to U.S. Treasuries or portfolio interest, according to the bill. Section 899 still needs Senate approval, and it's unclear how the provision could change amid alarm from Wall Street. But the measure has "strong support" from others in the business community, and it's a "strong priority" for Republican House Ways and Means Committee members, Capital Alpha Partners' Lucier wrote. House Ways and Means Committee Chairman Jason Smith, R-Mo., first floated the idea in a May 2023 bill, and has been outspoken, along with other Republicans, against the global minimum tax. If enacted as drafted, Section 899 could raise an estimated $116 billion over 10 years, according to the Joint Committee on Taxation. That could help fund other priorities in Trump's mega-bill, and if removed, lawmakers may need to find the revenue elsewhere, Bunn said. However, House Ways and Means Republicans may ultimately want foreign countries to adjust their tax policies before the new tax is imposed. "If these countries withdraw these taxes and decide to behave, we will have achieved our goal," Smith said in a June 4 statement.
Sky News
25-03-2025
- Health
- Sky News
Meal deals: Politicians vote to restrict multi-buy promotions in Wales
Why you can trust Sky News The Senedd has voted to restrict meal deals in Wales after a vote on Tuesday. The legislation will limit the promotion of unhealthy food items in supermarkets, including a ban on certain unhealthy items from meal deals and other multi-buy offers. Free refills and top-ups of sugary drinks will also be banned under the legislation. The Welsh government says the legislation will tackle obesity in Wales, but critics say it will make it harder for people with eating disorders. The Food (Promotion and Presentation) (Wales) Regulations 2025 was backed by 25 votes to 24, with the aim of restricting "promotions that can encourage over-consumption". The latest figures from the National Survey for Wales show that 62% of the population over the age of 16 is overweight or obese. Under the legislation, the in-store locations of foods that have high fat, sugar and salt content, will also be restricted. Smaller businesses will be exempt, with the rules only applicable to businesses with 50 or more employees. Eating disorder charity BEAT has previously warned the restrictions would make it harder for people with eating disorders to follow prescribed meal plans. Jo Whitfield, the charity's national officer for Wales, previously told Sky News that people with eating disorders risked "becoming even more unwell if they try and reduce the amount of calories they're eating". The Welsh Conservatives, the Senedd's largest opposition party, called the legislation "nanny state nonsense". Their shadow health secretary James Evans said it would "hit the poorest people in their pockets". He added that efforts to tackle obesity should be focused on providing support for sport in schools and at grassroots level and "encouraging more people to get active". There will be a 12-month implementation period before the restrictions are introduced next March.
BBC News
29-01-2025
- Health
- BBC News
Warnings fitness trackers can make eating disorders worse
For many a walk in the park is a time relax and clear your head, but Cara Lisette recalls a time in her life when it seemed impossible. The 34-year-old struggled with an eating disorder for many years, and when she started using apps to track her fitness she found her road to recovery even harder. "If there was a day when I did less steps than the day before then I just felt really terrible about myself," she said. Eating disorder charity BEAT has warned that fitness tracking features can lead to obsessive tendencies. Data on people's use of the fitness trackers is limited, but one YouGov poll suggests more than a third of us own and use a wearable device in the Lisette, from Southampton, had been battling an eating disorder since she was 15, up until she was discharged from treatment in 2021 aged bought a Fitbit just as they were becoming popular, but while she was still struggling to eat properly - making it even harder for her to she works as a community mental health nurse across Hampshire, but wishes she'd stopped using the device earlier."If you are someone who has tendencies towards not exercising very healthily, then you're kind of always competing with what yesterday's you has done," she said. Mrs Lisette said because the fitness data is held on your device or app for long periods of time it can make obsessing over it even worse."I used to think, well, I did that many steps a month ago so I need to do this many this month," she said. BEAT spokesperson Alex Jones told the BBC: "Anybody who has an eating disorder or has recovered from an eating disorder - using a fitness tracker is probably not for you."He also thinks there should be more safety features built into health tracking apps, so they do not encourage targets that may be unhealthy for some people. Those with, or vulnerable to, an eating disorder "can quite often get sucked into calorie counting and setting themselves very stringent targets anyway, so fitness trackers can feed into the same mindset". "If you are starting to struggle or becoming obsessively attached to fitness targets or then look for information or speak to your GP.," Mr Jones her own struggles, Mrs Lisette was released from treatment for her eating disorder more than three years ago. Her aim now is to raise awareness around eating disorders, fitness trackers, and show people recovery is possible."I'm the best I've been since I was 12 and I'm really in a good place. I think it's nice for other people to know that - but also for me it's nice to be like 'actually, things are different now compared to five years ago'," she added. If you're worried about your own or someone else's health, you can contact Beat, the UK's eating disorder charity, on 0808 801 0677 or You can follow BBC Hampshire & Isle of Wight on Facebook, X (Twitter), or Instagram.
