A largely unspecified group of 25+ greedy large companies formed a coalition of the willing to stand up for reducing their taxes to zero while hammering 182,000+ small business importers to pay for their tax break. The innocuous-sounding coalition, the American Made Coalition (www.AmericanMadeCoaltion.org) does NOT list its members on its website or Facebook page (at this point) and its press release issued today makes no reference to its members by name..I guess they are standing tall together in the name of self-interest, but behind an invisibility cloak.
According to the WSJ, the coalition includes Dow Chemical, Lockheed Martin Co., GE and Pfizer Co. It also may include Raytheon and United Technologies.
Oh, pity these poor companies! Get out your hankies, here's the awful news. They need HELP, and small businesses must be prepared to go bankrupt to rescue them:
- Dow Chemical's effective tax rate ranged from 21.62%-29.22% over the past three years.
You can get the same info for the other companies at this site. (PFE 22.2-27.4%, LMT 28.23-31.27%, GE (see below), RTN (26.3-29.31%, UTX 25.48-32.64%).
- 2-27-12 "Over Last 10 Year s, General Electric’s Effective Tax Rate Was 2.3 Percent" See also this link. GE apparently paid no taxes in 2014.
By contrast, our company Learning Resources, a 150-person small business importer, has paid 39.6% of worldwide income in Federal Taxes (plus another 4% State tax) for years without interruption and would see its tax rate balloon to 165% of earnings under the Brady Plan.
ONE-HUNDRED-AND-SIXTY-FIVE PERCENT OF EARNINGS. I bet the new coalition is feeling better already.
So I really feel sorry for this list of self-interested and greedy multinational monolithic corporations. They are sitting on piles of cash and would very much like to DUPE you into supporting a scheme to let them skate by tax-free . . . forever. Kevin Brady and Paul Ryan want it for them, and to heck with the rest of us.
Small businesses imported $643 Billion in 2014. Most small businesses are "S" Corps, so let's assume a 22.5% tax rate under the Border Adjustment Tax proposal (average of 20% for "C" Corps and 25% for "S" Corps under the Brady Plan). The small business importers are therefore due to pay 22.5% x $643 billion. That's $144.7 Billion in import taxes. Yowza.
Pathetic. These monster companies should be ashamed of their avarice and anti-community behavior. I hope you can see through it. It's transparent and shameless.