A retaliatory tax that would have exposed U.S. jobs and retirement savings to risk is likely to be scrapped from Trump’s megabill.

The Treasury Department is nearing a deal that would make the so-called “revenge tax” irrelevant, the agency’s second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners.

Republicans have dropped the controversial “revenge tax” from Trump’s sweeping \$4 trillion economic bill after Treasury Secretary Scott Bessent secured a global tax deal with G7 nations. While the move calms investor fears,