February 14, 2025
Ways & Means chair reups bill to protect against ‘discriminatory’ taxes
House Ways & Means Committee Chair Jason Smith (R-MO) on Wednesday reintroduced a bill that would allow the U.S. to impose a “reciprocal tax” on U.S. income of investors and corporations in countries that impose extraterritorial or discriminatory taxes on U.S. businesses, offering a potential new avenue to address a concern highlighted by President Trump in day-one memos on tax and trade policy. Trump on Monday issued a memorandum directing his yet-to-be-confirmed Treasury secretary and U.S. Trade Representative to draw...
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