WASHINGTON: (AP) President Donald Trump likes to say he is bringing in trillions of dollars in investments from foreign countries, but a provision in his tax cuts bill could cause international companies to avoid expanding into the United States.
The House-passed version of the legislation would allow the federal government to impose taxes on foreign-parented companies and investors from countries judged as charging “unfair foreign taxes” on US companies.
Known as Section 899, the measure could cause companies to avoid investing in the the US out of concern they could face steep taxes. The fate of the measure rests with the Senate — setting off a debate about its prospects and impact.