A new retaliatory tool in the House GOP tax bill is the “ultimate backstop” for the US position on countries’ tax policies the US finds unfair, a top Treasury official said Thursday.
The bill passed May 22 proposes a new tax code Section 899, which would increase taxes on foreign-owned companies operating in the US whose parent countries are imposing “unfair” levies on American businesses.
Rebecca Burch, deputy assistant Treasury secretary for international tax affairs, said the retaliatory provision reflects “the long-standing and publicly stated dissatisfaction” of the House GOP with the trajectory of the 15% global minimum tax, agreed ...
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