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TOKYO -- The sweeping American budget legislation backed by President Donald Trump and making its way through Congress has caught the attention of markets with a provision that would tack more taxes onto dividends and interest that certain foreign investors earn in the U.S.
The One Big Beautiful Bill Act would add a new Section 899 to the Internal Revenue Code, imposing additional taxes on companies and individuals in countries with taxes that Washington deems unfair. This includes an additional levy on stock dividends and interest on corporate bonds, which the Senate version of the bill would raise by 5 percentage points per year, up to a 15-point increase.
