Orange madness again30 May 2025 18:32
New article about you-know-who's tariffs obsession - summary below. As I've said before, we're going to have to be really careful with the ownership structure for the US entity, to make sure that our British/Canadian ownership is as disguised as possible. He despises all foreigners and sees long term US allies as weakling pansies to be monstered and crushed for money and votes. The political, reputational and economic impacts on the US are irrelevant.
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America has found a new lever to squeeze foreigners for cash
Donald Trump’s tax bill targets foreigners with alarming levies
Tariffs particularly enthuse Donald Trump because foreigners pay them—at least as he sees it—and merely threatening them is an easy way to mess with other countries. Two months on from “Liberation Day”, the president and his allies in Congress are trying the same trick with the tax code.
A little past the 1,000-page mark in HR 1, or the “One, Big, Beautiful Bill Act”, sits a provision labelled Section 899, on “unfair foreign taxes”. The proposal, now approved by the House of Representatives and under review by the Senate, would put punitive levies on people, investors and companies from countries with taxes Congress dislikes—like a digital services tax (DST), which mainly affects American tech giants, or an undertaxed profit rule, designed to ensure multinationals pay a global minimum corporation tax. On the naughty list would probably be most members of the European Union, plus Britain, Australia, Canada, South Korea and others.
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