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https://theconversation.com/australia-is-in-the-firing-line-of-trumps-looming-revenge-tax-its-a-fight-were-unlikely-to-win-257961>
"The Australian Labor Party just won an election victory for the ages. Now, it
may be forced to walk back one of the key achievements of its first term.
Here’s why: United States President Donald Trump is about to declare an income
tax war on much of the world – and we Australians are not on the same side.
Over in the US, the “One Big Beautiful Bill act” – a tax and spending package
worth trillions of dollars – has been passed by the House of Representatives.
It’s now before the Senate for consideration.
Within it lies a new and highly controversial provision: Section 899. This
increases various US tax rates payable by taxpayers from any country the US
claims is maintaining an “unfair foreign tax” by five percentage points each
year, up to an additional 20% loading.
Having been an integral part of an international effort to create a global 15%
minimum tax, Australia now finds itself in the firing line of Trump’s “revenge
tax” warfare – and it’s a fight we’re unlikely to win."
Cheers,
*** Xanni ***
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mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
