This bill would be one more nail in the coffin of a country falling under an enormous debt burden,” Man Group chief market strategist Kristina Hooper said last week in interview. President Donald Trump’s “big beautiful” tax bill passed by the U.

Retaliatory taxes on foreign companies operating in the U.S. could open the door for a broader economic conflict.

The call by US lawmakers to impose new retaliatory taxes on foreign-owned companies is a strategic move to give the Trump administration leverage to shield American companies from the global minimum tax framework.

It turns out that all of those "no" votes in committee didn’t amount to much once the tax bill hit the House floor on Thursday morning.

If the Bill is passed, the tax would apply to individuals on non-immigrant visas such as H-1B and F-1, green card holders

The final vote to pass the “One Big Beautiful Bill Act” has been scheduled to take place sometime between 5 and 6 a.m. Eastern Thursday. Lawmakers have returned to the House floor and have begun procedural debates. There will be three votes overnight teeing up the final vote.

House Republicans surprised tech industry watchers and outraged many state governments when they added a clause to Republicans’ signature “big, beautiful” tax bill that bans states and localities from regulating artificial intelligence for a decade.