**Senate Republicans Face Hurdles Over Proposed Retaliatory Tax Amid Wall Street Concerns**

Senate Republicans are encountering new challenges as they steer President Donald Trump's substantial tax bill towards a conclusive vote, primarily due to panic on Wall Street regarding a proposed retaliatory tax on certain foreign investments in the United States. Corporate interests are strongly opposing the bill's increasing taxes against foreign investors from nations that levy "discriminatory" taxes on multinational businesses.

The contentious retaliatory tax was included in the House version of Trump's tax bill in response to a global minimum tax plan from the Organization for Economic Cooperation and Development (OECD). This tax plan aims to curb multinational corporations from exploiting tax loopholes in various jurisdictions. Trump has criticized the OECD's proposal, pledging countermeasures, a stance shared by many Republicans.

However, there is concern among some Republicans that this new tax could trigger a tit-for-tat tax war, adversely affecting companies looking to invest in the US. Sen. Thom Tillis, R-N.C., a staunch ally of Wall Street who serves on the tax-writing Finance Committee, expressed his reservations, stating, "In terms of implementation, I'm going to have to get more comfortable with it. Going into it in its current form, I'm not comfortable." Tillis highlighted the necessity of revisiting the bill to avoid deterring foreign investment, especially in the manufacturing sector.

The debate over the tax provision, known as "Section 899" in the bill, has intensified as investors scrutinize the House version, anticipating potential amendments from the Senate. The proposed retaliatory tax could reach up to 20% on corporations and individuals based in countries imposing taxes that the United States deems unfair, including global minimum corporate taxes and digital services taxes.

Voices from within the Republican ranks, such as Senate Finance Chair Mike Crapo, R-Idaho, indicated openness to revisiting the bill, stating, "The issue has been raised, and we are evaluating." Similarly, Sen. James Lankford, R-Okla., acknowledged the widespread "nervousness about how it could be used," stressing the need to avoid unintended consequences while countering global tax plans.

The Global Business Alliance's Jonathan Samford urged senators to reconsider, warning that the tax would disproportionately affect American workers rather than foreign bureaucrats. Echoing this sentiment, the American Enterprise Institute advised caution against enacting broad, discriminatory taxes on foreign investments despite their intended purpose.

As Senate Republicans deliberate potential changes to the bill, a final resolution remains uncertain, with concerns from investors and business leaders continuing to shape the legislative discussion.