Key Republican Senator Expects ‘Revenge’ Tax to Be Delayed

Republican Senator Thom Tillis said he expects the implementation of the Section 899 “revenge tax” in President Donald Trump’s massive tax and spending bill to be delayed as it faces pushback from Wall Street and businesses.

The additional tax, as currently written in the bill, would go into effect on Jan. 1 for companies located in some foreign countries, if Congress remains on course to pass the legislation this summer. But Tillis, a moderate who has been heavily involved in negotiations, suggested Tuesday that more time is needed to implement the provision.