Bessent calls on Congress to scrap 'revenge tax' from Trump bill after G7 strikes deal

Treasury Secretary Scott Bessent asked House and Senate Republicans on Thursday to scrap the so-called "revenge tax" on foreign investments from their versions of President Trump's sweeping tax bill.

In a post on X, Bessent said he asked GOP lawmakers to strike Section 899, which would have imposed a tax of up to 20 percent on investments from countries with economic policies deemed unfair to U.S. businesses, from their legislation.

Bessent said the provision was no longer necessary after the U.S. and its partners in the G7 reached a "joint understanding ... that defends American interests."

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