If we aren't there already, I fear that
these shenanigans are going to devolve into a full-blown global tax/tariff/trade war.
Quote:
Section 899 says it will hit entities from “discriminatory foreign countries” — those that impose levies such as the digital services taxes that disproportionately affect U.S. companies.
France, for instance, has a 3% tax on revenues from online platforms, which primarily targets big technology firms such as Google, Amazon, Facebook, and Apple. Germany is reportedly considering a similar tax of 10%.
What does the proposed tax do?
Under the new tax bill, the U.S. would hit investors from such countries by increasing taxes on U.S. income by 5 percentage points each year, potentially taking the rate up to 20%, in addition to existing taxes.
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The taxes in the EU will be far stickier than the TACO tariffs from the US.