America’s Tax on Foreign Investors - Section 899
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 16 June 2025
⏱️ 30 minutes
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Summary
As the Senate decides on Donald Trump’s One Big Beautiful Budget, a lesser-known provision tucked into the House-approved bill has drawn attention from Wall Street.The measure, known as Section 899, would allow the U.S. to add a new tax of up to 20% on foreigners with U.S. investments, including multinational companies operating in the U.S.Some analysts call the provision a “revenge tax” due to its wording. It would apply to foreign entities if their home country imposes “unfair foreign taxes” against U.S. companies, according to the bill. Patrick's Books:
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Transcript
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| 0:23.2 | The United States has been the best place in the world to invest over the last hundred years. |
| 0:28.2 | The US share of the world stock market cap has climbed consistently and now stands at over 60% of the |
| 0:35.9 | world equity market, which is astonishing for a country that accounts |
| 0:40.2 | for just over a quarter of global GDP. One of the reasons has been the success of US |
| 0:46.9 | mega-cap tech stocks, just three companies, Apple, Microsoft and Nvidia, make up 10% of the global equity market capitalization. |
| 0:57.2 | But even if you exclude the tech sector, America's share of global equities is still more than 50%, |
| 1:03.7 | which is the highest it's been in decades. |
| 1:06.5 | The reason investors all over the world love investing in the United States is that the US |
| 1:11.8 | has deep capital markets, a fair legal system, stable rules and taxes, open capital |
| 1:18.5 | markets, a business-oriented economy, and its markets have had great returns over time. |
| 1:25.5 | Just yesterday, a British fintech company, Wise, announced its plans to switch |
| 1:30.5 | its primary listing to New York from London in an attempt to attract more investors and improve |
| 1:37.0 | liquidity in its shares. The stock rose more than 10% on Thursday after this announcement |
| 1:43.5 | before falling back. There are reasons to believe |
| 1:46.8 | that Wise's move might be unwise. While there has been a belief in recent years that US-listed |
| 1:53.2 | companies trade at a premium to internationally listed companies, researched by James Arnold at |
| 1:59.3 | UBS has shown this to be untrue. |
| 2:02.4 | He found that when comparing 60 British blue chip stocks with US peers that were most similar |
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