Treasury Secretary Scott Bessent asked congressional leadership to remove a provision from the Republican tax legislation that would give the Treasury Department the ability to implement a so-called “revenge tax” on certain foreign investors.

Section 899 — would allow the federal government to impose taxes on companies with foreign owners as well as investors from countries judged as charging “unfair foreign taxes” on U.S. companies.

The controversial "revenge tax" provision of the "big, beautiful bill" will be removed after a global tax deal was struck, Treasury Secretary Scott Bessent said Thursday. Why it matters: The provision raised the prospect of foreign governments and investors dumping U.