It was the year 1765 and the British Parliament was taken from the hat the Stamp Act, a law that forced American settlers to pay a tax for almost any printed document as an official letter, brochure or newspaper. This rate, which was to raise money to pay for British troops in North America after the seven -year war, was a fiscal tool with a background of political control of its colonies. More than two centuries later, the US could repeat history with the controversial section 899, included in the last bill of budgetary reconciliation and conceived to punish countries with taxes considered “unfair” or “discriminatory”. The measure, approved by little margin in the House of Representatives, expects the approval of the Senate. And behind the picturesque name of «The One Big Beautiful Bill» a combative weapon is hidden: if a foreign government gravels with a minimum digital or global tax rate to US corporations, Washington will replicate by raising up to 20% taxes on income that this government or its citizens and companies obtain on US soil. Thus, for Donald Trump, 899 is a pressure tool that will allow the treasure to respond to digital taxes considered excessive or extraterritorial on US companies, encouraging countries to review these measures. It also implies a direct tax collection method, which the joint tax commission estimates that it would generate 116,000 million in a decade, after testing the failure of the Doge of Musk – the expense cut plan reached 9% of the 2 two billion planned. The Senate must, however, weigh the cons. The tax may reduce foreign participation in its capital market – the foreign investor maintains about 30 billion dollars in assets quoted in the US – especially in real estate, corporate bonds and actions with dividends. And although the treasure bonds are likely to be released by the «exemption of portfolio interests», private financing will be affected and the costs will rise. Multinationals alert about the loss of employment in the US, with more than 8.4 million positions linked to foreign companies. According to the Institute of International bankers, foreign banks support more than 70% of debt issued for foreign groups in the US – a third of the debt in dollars – lent more than 1.3 billion to local businesses and channeled 5.4 billion in foreign direct investment, generating 270,000 million in revenues. The Stamp Act resulted in the union and mobilization of the colonies. Section 899, if approved without adjustments, will raise the cost of investing in the US, damaging foreign investment, market stability and diplomatic relations. The legislator must propose to limit its scope, delay its implementation or offer clear exemptions to investment vehicles. If you do not want the basis back. Pedro Sastre is a senior market strategy analyst March.
