Known as Section 899, the provision would create a new provision in the US tax code that would boost taxes on the US income of non-US-based businesses and individuals.

Every dollar saved on taxes over the new few years could help offset the impact of the numerous safety-net cuts.

The Treasury Department and Congress on Thursday moved to kill a so-called revenge tax that was set to raise taxes on foreign investment and had spooked Wall Street and global business leaders.

The product of years of Republican effort, the American tax code now blends traditional supply-side economics with President Trump’s populist 2024 campaign promises.