Is Trump’s ‘Revenge Tax’ About to Shake Your US Investments—And How to Outsmart the Storm Before It Hits?
Negotiation tool
(Ooh, I’m pleased with that one. Just when I thought I was all out of nicknames for Trump!)
Section 899 is intended as a tool for negotiation. It would cease to apply in the tax year after a country drops whatever tax displeases the US Treasury Secretary.
From that perspective, the phased 5% hikes are a useful way of turning the tax thumb screws: “Don’t make me do this.”
Of course, the UK or the EU may not cave. (Well, we probably will. But they may not.)
I’d need to consult a tax lawyer to understand what would happen if the UK quietly mothballed the offending taxes while Ireland didn’t.
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