Foreign-Owned Businesses Support Manchin-Biden Build Back Better Because It Benefits Them, Harms American Companies

Foreign-Owned Businesses Support Manchin-Biden Build Back Better Because It Benefits Them, Harms American Companies

The following press release was published by the U.S. Congress Committee on Ways and Means on Aug. 11. It is reproduced in full below.

Foreign-Owned Businesses Support Manchin-Biden Build Back Better Because It Benefits Them, Harms American Companies

It’s no coincidence that the biggest fans of Democrats’ tax plans have always been foreign companies and foreign governments

Aug. 10, 2022 - Blog - Press Releases - Select Revenue Measures

While the White House has touted the support of “over 40 major companies" for the Manchin-Biden Build Back Better bill’s tax increases, half of the businesses on their list are either foreign-based or owned by a foreign multinational.

Each of those foreign companies competes directly with U.S. businesses, so it’s easy to see why they would want higher taxes on Americans. Worse, these taxes will result in fewer jobs, lower wages, and higher prices, especially at the pump.

This reckless bill is another startling reminder that Democrats love high taxes, even if it makes us uncompetitive versus our global trading partners. Democrat’s initial tax-and-spend plan would have skyrocketed the United States to the third-highest corporate rate in the developed world, and higher than Communist China.

Company Supporting Manchin-Biden Headquarters Industry

Atlassian Corp Australia IT

Avangrid (80% owned by Iberdrola) Spain* Utility

BP UK* Energy

Cypress Creek Renewables (EQT) Sweden* Energy

Danone France* Food Products

DSM Netherlands* Health care

Holcim Switzerland* Construction

Ikea Sweden* Consumer products

JLL UK* Real Estate

Johnson Controls Ireland* Technology & Industrial

Logitech Switzerland* IT

Novozymes Denmark* Biotech

Orsted Denmark* Energy

SAP Germany IT

SB Energy (Softbank Group) Japan Conglomerate

Schneider Electric France* Technology & Industrial

Seventh Generation (Unilever) UK* Consumer products

Shell UK* Energy

Unilever UK* Consumer products

* Denotes home country corporate tax rate that is already equal to or lower the U.S. combined corporate tax rate

Foreign support for this most recent tax folly by Democrats is consistent with the global tax surrender deal negotiated by the Biden Administration last year. By collaborating with eager foreign governments and failing to consult with Congress, the Biden Administration agreed to higher taxes and fewer jobs for Americans and a windfall to our foreign competitors.

In contrast, Republican tax reform in 2017 delivered on its promises : bringing jobs and investment back home, increasing real wages for American workers, and reaching all-time-high U.S. corporate tax receipts.

Source: U.S. Congress Committee on Ways and Means

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