Republicans to nix ‘revenge tax’ after Bessent strikes tax deal with G7

Following a request from Treasury Secretary Scott Bessent, Senate and House Republicans will remove language from a fiscal year 2026 tax and spending bill that would have allowed the U.S. to impose so-called “revenge taxes” on foreign entities if U.S. companies faced “discriminatory” taxes. Senate Finance Chair Mike Crapo (R-ID) and House Ways & Means Chair Jason Smith (R-MO) said in a joint statement on Thursday that they would remove the language from the bill, which is moving through Congress...