Washington | The US Treasury Department is nearing a deal that would make the so-called “revenge tax” irrelevant, the agency’s second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners.

“We continue to have negotiations with our OECD partners and continue to hope that in the very short run we have a breakthrough that would make conversations about 899 irrelevant,” Deputy Treasury Secretary Michael Faulkender said in an interview, referring to a part of President Donald Trump’s signature tax legislation that would impose a levy on foreign companies and investors from countries that the US determines have been unfairly imposing digital taxes on American technology companies.

Bloomberg