The Senate aims to approve the semiconductor plan next week, with House Speaker Nancy Pelosi saying her colleagues will quickly follow. | AP Photo/Ng Han Guan, FileDemocrats are poised to approve their first big tax break of this year — but it’s not any of the ones they’ve spent so much time talking about.
Many semiconductor firms pay well below the 21 percent corporate tax sticker price. Intel, which would be one of the biggest beneficiaries of the plan, told investors it paid 8.5 percent last year.But many Democrats say they’re just being practical, moving legislation where they have the votes, even if the things they really care about, such as the child credit, are going nowhere.
The investment credit is part of a $76 billion plan to promote the development of the semiconductor industry in the United States. The industry also benefits politically by having facilities in states represented by key tax writers. And while Manchin had demanded reconciliation be fully paid for, and then some, lawmakers are tacking the cost of the semiconductor plan onto the deficit.
“But the question we should be asking is this: Should American taxpayers provide the microchip industry with a blank check of over $76 billion at a time when semiconductor companies are making tens of billions of dollars in profits and paying their executives exorbitant compensation packages? I think the answer to that question should be a resounding ‘No.’”of Texas, his party’s point man on the Ways and Means Committee, are unhappy with the credit as well.
It’s insane that most of the world’s semiconductor chips are produced in Taiwan. It’s a disaster in waiting.
Not good at all. FAIL
DoNothingDemocRats
Dems literally doing what Republicans know is right!!!!! Fuckkngnincredible