5 days ago
- Business
- Wall Street Journal
Congress Cleans Up Biden's Global-Tax Mess
Surprise, surprise: America's latest 'trade war' has nothing to do with President Trump. Commentators and European pols are clamoring that Washington has kicked off a global conflict over tax rules. But this fracas isn't about Mr. Trump's protectionist leanings. Rather, Congress is trying to clean up after one of the Biden administration's dumber gimmicks.
You'll have read over the past couple weeks that the House version of the One Big Beautiful Bill Act—the budget behemoth bouncing around Capitol Hill—includes a retaliatory tax on nationals of some foreign countries. The provision, known as Section 899, creates a punitive surtax (starting at 5%, eventually hitting 20%) on companies and individuals hailing from countries that have imposed 'unfair foreign taxes' on U.S. companies. Cue a noisy, and silly, freak-out.
