Back to today’s briefing

Story perspectives

20% Tax on Foreign Firms Sparks Job Loss Fears

6/18/2025

36 6

Left

Lobbyists Warn Tax

Business lobbyists are raising alarms over a controversial provision in the GOP's "One Big Beautiful Bill Act," which could impose a staggering 20% tax on foreign companies deemed to have "unfair taxes" on U.S. businesses. Critics argue this move could scare off foreign investment and jeopardize up to 700,000 American jobs, threatening economic growth and shaking investor confidence.

Center

Trump's Tariff Stance

At the G7 meeting, President Trump stood firm on his controversial tariff strategy, which could spell disaster for the global economy—an estimated $1 trillion loss by 2030 and nearly 690,000 American jobs at risk. Meanwhile, Republicans are pushing through tax reforms that threaten to cut deductions for office meals, shaking up employee compensation plans.

1 of 2

Lobbyists Warn Tax

Business lobbyists are raising alarms over a controversial provision in the GOP's "One Big Beautiful Bill Act," which could impose a staggering 20% tax on foreign companies deemed to have "unfair taxes" on U.S. businesses. Critics argue this move could scare off foreign investment and jeopardize up to 700,000 American jobs, threatening economic growth and shaking investor confidence.

1 / 2