Dozens of executives from some of the world’s biggest companies will travel to Washington this week to push back against a plan to raise taxes on foreign investments in the US, warning it may hit millions of American jobs.
The lobbying drive is targeting a provision in Donald Trump’s budget bill, which if approved by Congress would allow the US to impose additional taxes on companies and investors from countries that it deems to have punitive tax policies.
Investors, US companies with foreign owners and international firms with American operations, could all be affected by Section 899 of the bill, which executives fear could cause a drop in corporate investment and a retreat from US assets.
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