Bessent Urges GOP to Drop Retaliatory Tax from Budget Bill

• Treasury Secretary Scott Bessent urged Republicans to remove a “retaliatory tax” proposal targeting foreign investors from their budget bill.
  
• The controversial Section 899 would allow Trump to impose up to 20% tax on investors from countries that “unfairly” tax U.S. firms.
  
• Wall Street is concerned the proposal could disrupt financial markets, already nervous due to Trump’s global tariff push.
  
• The bill also includes:
  
  • Extension of Trump’s 2017 tax cuts
    
  • Increased spending on military and border security
    
  • Cuts to green energy programs and welfare benefits
    
• Total added debt from the bill: $3 trillion, according to the Congressional Budget Office.
  
• Senate Republicans face challenges:
  
  • Key healthcare provisions ruled invalid by the Senate parliamentarian
    
  • Internal disagreements on state tax breaks and Medicaid funding
    
• Trump wants the bill passed by July 4 “Retaliatory”, but it’s unclear if that’s possible.
  
• Debt ceiling deadline looms later this summer, increasing pressure on Congress.
  
• Senate Republicans say they will not override the parliamentarian’s rulings.

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