US Back Down on ‘Revenge Tax’ Relieves Pressure on Australian Companies

Australian super funds and companies investing in the United States will breathe a sigh of relief after the Trump administration removed the so-called “revenge tax” scheme.

On June 27, U.S. Treasury Secretary Scott Bessent announced that he would ask the U.S. Congress to remove the Section 899 protective measure from the One Big Beautiful Bill, which included a major tax law aimed at protecting U.S. companies from heavy taxation by overseas authorities.