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|
|Avangrid (80% owned by Iberdrola)||Spain*||Utility|
|Cypress Creek Renewables (EQT)||Sweden*||Energy|
|Johnson Controls||Ireland*||Technology & Industrial|
|SB Energy (Softbank Group)||Japan||Conglomerate|
|Schneider Electric||France*||Technology & Industrial|
|Seventh Generation (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.