US Gov's Low-Key Petty "Revenge Tax" Targeting the Homies 🙄💸

The Deets

Okay, so boom. The US government is out here being straight-up petty. They passed this bill with a section called 899 that's basically a "revenge tax." What's that mean? It means if you're from a country with tax rules the US doesn't vibe with, you're gonna pay more taxes on income you earn in the US. No cap.

Who's getting hit? Countries like Canada, the UK, France, and Australia. Why? 'Cause they're taxing big tech companies with digital services taxes (basically, taxing them for making bank off their users' data). The US ain't feeling that, like at all.

So, if you're an investor in those countries – whether you're a big shot or just tryna make some bread – you're gonna see your federal income tax rates going up on passive US income. They're talking an initial five percentage point increase, but it could go all the way up to 20! That's wild.

And it gets even messier. This bill could override existing tax treaties the US has with these countries, plus mess with special rules for government bodies, like central banks. Canada's sweating 'cause one industry group thinks this could cost Canadian investors up to $81 billion in extra taxes over seven years. That's a major L.

The US is basically saying these digital services taxes are sus and discriminatory. But other people are saying this "revenge tax" is gonna cause a global tax war and make the US look bad. Is it worth it? 🤔