Fortune on the proposed investor tax hike. Looks like it’s about concentrating even more power in the executive‘s hands for unlimited ‚negotiation power‘.
Even House Ways and Means Committee Chair Jason Smith, who supports the revenge tax, said during a panel discussion on Friday that he hopes it’s never used and instead acts like more of a deterrent that stops other countries from cracking down on U.S. companies unfairly.
Meanwhile, the Joint Committee on Taxation, the nonpartisan tax scorekeeper for Congress, echoed some of Wall Street’s fears. Thomas Barthold, the committee’s chief of staff, said in a statement to Bloomberg Tax that Section 899 would lead to a “decline in foreign demand for US direct and portfolio investment.”