Republican Rep. Jason Smith of Missouri, chair of the House Ways and Means Committee, has defended the provision as protecting U.S. interests by giving the president a tool that can be used against countries with tax codes that, in the federal government's opinion, put American companies at a disadvantage. The Global Business Alliance was among the groups that signed a letter on Monday warning of the consequences of Section 899 to Senate Majority Leader John Thune of South Dakota and Senate Finance Committee Chairman Mike Crapo of Idaho, both Republicans. “Section 899 creates a game of political chicken with trade partners that risks harming businesses, consumers, and workers in the hopes of securing US multinationals the ability to shift more of their profits out of the US to tax havens," Huang said in an email.
Author: Josh Boak
Published at: 2025-06-10 22:30:40
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