Trade Deals Could Eliminate Need for ‘Revenge Tax’, Hassett Says

Donald Trump’s top economic adviser on Wednesday said the administration is pushing US trading partners to move swiftly on deals that make the “revenge tax” included in the president’s cornerstone legislation unnecessary.

Congress could remove the provision, called Section 899, from the tax bill this week if countries “issue policy pronouncements today or tomorrow,” White House National Economic Council Director Kevin Hassett said on Fox Business.

“Maybe it doesn’t have to be in the bill,” Hassett said.

Kevin Hassett

Photographer: Samuel Corum/Sipa/Bloomberg

The “revenge tax” raises taxes on foreign companies and investors from countries that the US determines have been unfairly taxing US ...