Republican Senator Thom Tillis anticipates that the implementation of the Section 899 ‘revenge tax’ in President Donald Trump’s tax and spending bill will be postponed. The tax, as outlined in the bill, is scheduled to take effect on January 1 for certain foreign-based companies if Congress passes the legislation this summer. However, Tillis, a moderate senator involved in negotiations, suggested on Tuesday that additional time is required to properly implement the provision. The tax has faced opposition from Wall Street and businesses.
— new from Bloomberg.com
