The US and fellow Group of Seven nations signed off on an agreement aimed at averting a global tax war, by creating a “side-by-side” system that would exempt US companies from some elements of an existing global agreement.
As part of the deal, US officials agreed to remove a provision from President Donald Trump’s tax-cut bill that would have increased taxes on the US income of non-US-based businesses and individuals. Known as Section 899, it came to be called the “revenge tax” because it would increase tax rates only for countries whose tax policies Washington deems discriminatory.
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