第899条款

Search documents
美国财长贝森特表示,美国将因第二支柱税收协议损失1000亿美元,第899条款是对抗不公平税收的“武器”。
news flash· 2025-06-27 11:53
Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, stated that the U.S. will incur a loss of $100 billion due to the second pillar tax agreement, highlighting that Article 899 serves as a "weapon" against unfair taxation [1] Group 1 - The second pillar tax agreement is expected to result in a financial loss of $100 billion for the U.S. [1] - Article 899 is identified as a mechanism to combat unfair tax practices [1]
美国白宫国家经济委员会主任哈塞特:我们希望不必在税收法案中加入第899条款。
news flash· 2025-06-25 13:00
Core Viewpoint - The White House National Economic Council Director Hassett expressed a desire to avoid including Section 899 in the tax reform bill [1] Group 1 - The administration is focused on tax reform and is considering various provisions [1] - Section 899 is a specific clause that the administration hopes to exclude from the tax legislation [1]
图解特朗普“大漂亮”法案:财政刺激力度、899条款“资本税”、对美债、美元影响有多大?
Hua Er Jie Jian Wen· 2025-06-10 04:43
Core Insights - The "Big Beautiful" bill is projected to add up to $2.8 trillion in deficits over the next decade, but its short-term economic stimulus effect is minimal, with only a 0.2 percentage point increase in growth expected by 2026, turning negative by 2028 [2][16] - The bill features a "discriminatory tax" clause (Section 899) that introduces significant uncertainty for foreign investors holding U.S. assets, potentially increasing their investment costs [7][17] - Morgan Stanley is bearish on the U.S. dollar, predicting a 4-5% decline in the dollar index by the end of 2025, as the era of U.S. economic exceptionalism comes to an end and capital inflows face risks [7][29][31] Fiscal Impact - The bill's deficit growth is front-loaded, with two-thirds of the total deficit occurring between 2025 and 2029 [6] - Additional tax relief measures are concentrated in the early years and will expire by 2028 [10] - Spending cuts will not begin until 2027, with Medicaid cuts peaking only in 2032 [13] Debt Market Implications - The combined effects of tariff revenues and spending cuts have led to a reduction in deficit expectations, alleviating concerns about oversupply in the U.S. Treasury market [18] - The U.S. Treasury has significant flexibility in financing, relying on short-term bills due to low issuance levels and high demand for short-term debt [23] - Risks remain regarding foreign investor behavior, particularly the impact of Section 899 on different maturities of U.S. Treasuries [26] Investment Environment - The investment climate in the U.S. is facing deterioration risks, with the dollar expected to weaken [29] - The end of U.S. economic exceptionalism suggests that future growth will align more closely with the rest of the world, complicating financing for large deficits [29] - The reliance on foreign capital to cover the current account deficit is significant, with portfolio inflows projected to exceed the deficit by 125% in 2024, making the implications of Section 899 particularly concerning for European investors [31][33]
安联CIO:一旦第899条款全面实施,美股将暴跌10%,美元大跌5%
华尔街见闻· 2025-06-04 11:01
当市场仍沉浸在特朗普新政的乐观预期中时,第899条款如同一把悬在投资者头顶的达摩克利斯之剑。 一旦落下,其破坏力或将远超市场当前的想象。 美银和高盛最新报告详细阐述了899条款的更多细节。 899条款(全称"对不公平外国税收的执行措施")包含在最近由众议院通过的"大漂亮法案"(One Big Beautiful Bill Act,简称OBBBA)中。 根据美国银行的分析, 该条款旨在对被认为对美国实体征收"不公平/歧视性"税收的特定国家的非美国 个人、公司(非美国居民拥有50%以上股权的公司)和政府征收"报复性"税收。 与类似条款(如891条)不同,后者依赖行政部门认定"歧视性"税收的自由裁量权,而899条款预先定义了 某些被视为"不公平"的税收类型。 周三,据媒体报道,安联保险CIO Ludovic Subran在接受采访时表示, 一旦第899条款实施,市场将迎来"重大恐慌时刻",这将触发股市10%的抛售、美元5%的暴跌,以及 美债收益率50个基点的上升。 在5月众议院通过的立法中, 第899条款几乎没有引起市场关注,但Subran认为这正是人们没有花足够 时间研究的条款。华尔街各大机构警告,这一条款将改变 ...