‘Revenge Tax’ Fueled Lobbying Blitz During Bill Debate: BGOV Tax

Revenge Tax Proposal Fueled Lobbying Blitz

The so-called “revenge tax” included in early versions of the GOP tax-and-spending package set off a lobbying frenzy among industry groups in the financial sector and across a swath of multinational companies, newly released second-quarter disclosures show.

Lobbyists for the securities and banking industries were among those citing the proposed levy, also known as Section 899, that would have increased tax rates on foreign individuals and companies who hailed from countries with taxes the US deemed unfair. The tax was excluded from the final version of the package that became law.

At least 20 ...