Business Groups Raced to Rid GOP Spending Bill of ‘Revenge Tax’

Securities industry officials, bankers, and other multinational companies spent millions of dollars lobbying in the second quarter on issues including the GOP’s proposed “revenge tax” in the party’s $3.4 trillion tax-and-spending bill.

The provision would’ve allowed the US government to place additional taxes on individuals and companies from countries it deemed to have levied unfair or discriminatory taxes against the US. Global companies staunchly opposed the tax, which was subsequently pulled when Treasury Secretary Scott Bessent struck a deal with Group of Seven wealthy nations for carveouts in the global minimum tax.

At least 20 companies or business associations listed ...