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The US Treasury Department and Congress have scrapped a controversial "revenge tax" (Section 899) within the Republican's budget bill. This tax, designed to retaliate against perceived unfair global taxes on US companies, had alarmed Wall Street and international businesses. Treasury Secretary Scott Bessent negotiated a deal with G7 partners to exclude US firms from certain global taxes in exchange for removing Section 899. The move averts potential negative impacts on foreign investment and eases concerns about protectionist policies.

Prepared by Christopher Adams and reviewed by editorial team.