Monday, February 13, 2017

Coalition of Gigantic Fortune 500 Companies Sides with the Blueprint and BAT

An alliance of gigantic companies boldly came out in favor of, guess what?  The Border Adjustment Tax!  These pitiably fragile organizations are bonded together for survival in a coalition called The Alliance for Competitive Taxation.  If you are looking for a beneficiary for a bake sale, consider these worthies. They hardly pay any tax now, but want to pay less.  Of course, who doesn't? Their apparently preferred mechanism is for small business importers to pay their tax bills for them. That would solve everything!

Here's what they had to say:

House Republicans have taken the important first step towards achieving meaningful business tax reform by releasing a bold and thoughtful framework for reform. The ‘Better Way for Tax Reform’ blueprint includes many of the policies that our businesses support, including setting a competitive corporate tax rate at 20 percent, establishing a modern international tax system, promoting investment and job creation in the U.S., and providing a level playing field for U.S. and foreign companies competing to sell their goods and services at home and abroad. For these reasons, we support the House Republican Blueprint as a framework for forward-thinking business tax reform to boost our economy, foster investment in the U.S. and create good-paying American jobs. As a blueprint for tax reform, we recognize that there are many important details that still must be worked out. We are committed to working with the Administration and leaders in Congress to enact legislation, built upon this blueprint, that will provide a smooth transition to a competitive, pro-growth tax system that makes the U.S. an attractive location for investment, innovation and expanding employment.”  [Emphasis added]

The notion to sell this toxic waste tax plan is that it creates GOOD AMERICAN JOBS (jobs at our company are apparently not good American jobs), and that a transition will solve everything. That idea has been debunked in this space, but who cares when you run the Fortune 500. The 182,000+ small business importers be damned.

The members include the following companies (Fortune 500 ranking noted):

Abbott (138)
Alcoa Inc. (126)
Bank of America Corp (26)
Boston Scientific Corp. (359)
Caterpillar Inc. (59)
The Coca-Cola Company (62)
The Dow Chemical Company (56)
Eli Lilly and Company (141)
E. I. du Pont de Nemours and Company (101)
Emerson Electric Co. (128)
General Electric Company (11)
General Mills (161)
Google Inc. (36 - Alphabet, Inc.)
Honeywell International Inc. (75)
International Business Machines Corporation (31)
International Paper Company (127)
Johnson & Johnson (39)
Johnson Controls (70)
JP Morgan Chase & Co. (23)
Kellogg Company (207)
Kimberly-Clark (151)
MasterCard (294)
McCormick & Company, Inc. (567)
Morgan Stanley (78)
Oracle Corporation (77)
PepsiCo, Inc. (44)
The Procter & Gamble Company (34)
Pfizer Inc. (55)
Prudential Financial Inc. (50)
State Street Corporation (264)
S & P Global (481)
Texas Instruments Incorporated (219)
United Technologies Corporation (45)
Verizon Communications Inc. (13)
Walt Disney Company (53
3M Company (93)

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