华尔街见闻·2025-06-09 02:08Core Viewpoint - A significant lobbying effort by multinational companies is underway to oppose Clause 899 of Trump's tax reform, which is perceived as a potential threat to millions of American jobs and could reshape international capital flows [1][4]. Group 1: Impact on Foreign Investment - Approximately 70 companies, including major firms like Shell, Toyota, SAP, and LVMH, are concerned about Clause 899, which could jeopardize the 8.4 million jobs these foreign companies provide in the U.S. [1] - The clause is expected to increase taxes on U.S. stock dividends and certain corporate bond interests by 5 percentage points annually over four years for foreign investors [3]. - The implementation of Clause 899 could lead to a significant reduction in foreign direct investment, as warned by industry leaders [4]. Group 2: Financial Market Implications - Foreign banks have underwritten over 70% of foreign corporate debt issuance in the U.S., accounting for nearly one-third of total dollar-denominated debt issuance [5]. - In 2023, these foreign banks lent over $1.3 trillion to U.S. companies, supporting $5.4 trillion in foreign direct investment and generating $270 billion in revenue [5]. Group 3: Legislative and Economic Considerations - Despite the potential for Clause 899 to raise $116 billion for the U.S. government over the next decade, it is projected to increase the national debt by $2.4 trillion by 2034 [6]. - There is growing momentum in the Senate to repeal Clause 899, as it contradicts the government's goal of attracting more investment to the U.S. [6]. - Concerns have been raised that foreign governments may retaliate by altering their laws in response to the U.S. tax changes, potentially leading to significant capital outflows from the U.S. [6].