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The House Republicans multi-trillion-dollar spending package includes what analysts are calling a revenge tax known as Section As drafted the provision would allow the U S to hike levies for countries with unfair foreign taxes by per year capped at The measure would also expand the so-called base erosion and anti-abuse tax or BEAT which aims to prevent corporations from shifting profits abroad to avoid taxes As the Senate weighs President Donald Trump s multi-trillion-dollar spending package a lesser-known provision tucked into the House-approved bill has pushback from Wall Street The House measure known as Section would allow the U S to add a new tax of up to on foreigners with U S investments including multinational companies operating in the U S Various analysts call the provision a revenge tax due to its wording It would apply to foreign entities if their home country imposes unfair foreign taxes against U S companies according to the bill Wall Street investors are shocked by Section and apparently did not see it coming James Lucier Capital Alpha Partners managing director wrote in a June analysis More from Personal Finance The average k savings rate hit a record high See if you re on trackOn-time debt payments aren t a magic fix for your credit count Here s whyWith above normal hurricane forecasts check your home insurance protocol If enacted as written the provision could have critical implications for the asset management industry including cross-border income earned by hedge funds private equity funds and other entities Ernst Young wrote on June Passive commitment income could be subject to a higher U S withholding tax as high as in a few cases the company noted Chosen analysts worry that could impact future funding The Stake Company Institute which represents the asset management industry serving individual investors warned in a May announcement that the provision is written in a manner that could limit foreign expenditure to the U S But with details pending as the Senate assesses the bill various experts are still weighing the prospective impact including who could be affected Here s what investors need to know about Section How the revenge tax could work As drafted Section would allow the U S to hike existing levies for countries with unfair foreign taxes by per year capped at Several kinds of tax fall under unfair foreign taxes according to the provision Those include the undertaxed profits rule which is associated with part of the global minimum tax negotiated by the Biden administration The term would also apply to digital services taxes and diverted profits taxes along with new levies that could arise according to the bill The second part of the measure would expand the so-called base erosion and anti-abuse tax or BEAT which aims to prevent corporations from shifting profits abroad to avoid taxes Basically all businesses that are operating in the U S from a foreign headquarters will face that mentioned Daniel Bunn president and CEO of the Tax Foundation It s pretty expansive The retaliatory measures would apply to most of wealthy countries from which the U S receives direct foreign stake which could threaten or harm the U S financial sector according to Bunn s analysis Notably the proposed taxes don t apply to U S Treasuries or portfolio interest according to the bill Strong priority for House Republicans Section still necessities Senate approval and it s unclear how the provision could change amid alarm from Wall Street But the measure has strong patronage from others in the business area and it s a strong priority for Republican House Means and Means Committee members Capital Alpha Partners Lucier wrote House Means and Means Committee Chairman Jason Smith R-Mo first floated the idea in a May bill and has been outspoken along with other Republicans against the global minimum tax If enacted as drafted Section could raise an estimated billion over years according to the Joint Committee on Taxation That could help fund other priorities in Trump s mega-bill and if removed lawmakers may need to find the revenue elsewhere Bunn revealed However House Avenues and Means Republicans may ultimately want foreign countries to adjust their tax policies before the new tax is imposed If these countries withdraw these taxes and decide to behave we will have achieved our goal Smith commented in a June declaration