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Investing.com -- Republican Senator Thom Tillis said Tuesday he expects a delay in implementing the Section 899 "revenge tax" that is part of President Donald Trump’s tax and spending bill.
The additional tax provision has faced significant pushback from Wall Street and businesses. As currently written in the legislation, the tax would take effect on January 1 for companies located in certain foreign countries, assuming Congress passes the bill this summer.
Tillis, who is known as a moderate and has been heavily involved in the bill’s negotiations, told reporters: "At the very least I expect a delay."
Wall Street analysts have raised concerns about the potential impacts of the provision, warning it could reduce demand for U.S. Treasuries and weaken the dollar.
The senator’s comments suggest lawmakers may need more time to address concerns about the tax measure before full implementation.
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