EU Businesses Call for Quick Solutions to US ‘Revenge Tax’

Major European businesses are urging their governments to act quickly as the US edges closer to imposing a so-called revenge tax in retaliation for the bloc’s global minimum tax on corporations.

Businesses are suggesting various options for the EU to avoid retaliation, including carving out an exemption from the minimum tax for US companies, softening its impact, or scrapping it altogether.

The US measure, new tax code Section 899 in the major tax bill Congress is considering, ramps up pressure on the European Union to change its tax regime at a time when it’s already working to prevent billions in ...