Republican Senator Thom Tillis expects the implementation of the Section 899 “revenge tax” to be delayed due to opposition from Wall Street and businesses. The tax, set to take effect on January 1 for companies in foreign countries, is part of President Trump’s massive tax and spending bill. Tillis, a moderate negotiator, believes more time is needed to implement the provision, potentially delaying its effective date.
Source: https://www.bloomberg.com/news/articles/2025-06-10/key-gop-senator-expects-at-least-a-delay-of-revenge-tax