Posted on 08/31/2021 9:05:04 PM PDT by 11th_VA
A torrent of political groups representing some of the country’s most influential corporations — including ExxonMobil, Pfizer and the Walt Disney Company — are laying the groundwork for a lobbying blitz to stop Congress from enacting significant swaths of President Biden’s $3.5 trillion economic agenda.
The emerging opposition appears to be vast, spanning drug manufacturers, big banks, tech titans, major retailers and oil-and-gas giants. In recent weeks, top Washington organizations representing these and other industries have started strategizing behind the scenes, seeking to scuttle key elements in Democrats’ proposed overhaul to federal health care, education and safety net programs. Among the most active is the U.S. Chamber of Commerce, which is starting to put together an economy-wide coalition to coordinate the fight against the still forming economic package, including its significant price tag, policy scope and potential for tax increases...
Other opponents include the Business Roundtable, whose board counts the chief executives from Apple and Walmart. The group similarly is preparing to fight corporate tax increases, which Democrats hope will fund their vast new spending. And the pharmaceutical industry has embarked on its own wide-ranging campaign to combat Democrats’ drug pricing proposals, another potential revenue source in the bill. Conservative outfits previously backed by the sector’s top trade group, known as PhRMA, have run recent ads claiming lawmakers’ plans would have worsened the coronavirus pandemic.…
In a sign of the obstacles Democrats face, the Chamber of Commerce last week took a firm stand against the package, promising to do “everything we can” to prevent Congress from adopting it in full…
(Excerpt) Read more at washingtonpost.com ...
Never thought I’d ever agree with the Chamber of Commerce.
Am I wrong in noticing that those most opposed to this monster of a 3.5 “Budget” are LEFTIES?
Anyone who thinks God doesn’t have a sense of humor can now be assured...guess who is laughing
Besides me.
Oh, gee...the corporate brainiacs just figured out biden, the pervert, and his cabal....how soecial.
Why?
(from the article):
“...corporate interests are training their sights on Democrats’ plans
to pay for the bill through tax increases on businesses.
Biden has proposed to raise the corporate rate to 28 percent from 21 percent,
along with a slew of additional changes targeting profits earned overseas.
The move has spawned outrage from companies that had spent significant sums four years ago
to secure more favorable tax rules under President Donald Trump...”
Yes, i would hope so.
Often God will let you have what you want.
Amerika’s Korporations
# ‘em.
These a-hole companies wholeheartedly went for and endorse Bidum and the Dim agenda; now they wanna whine and fight it? Right.
“Am I wrong in noticing that those most opposed to this monster of a 3.5 “Budget” are LEFTIES?”
NOPE !!!
They were and are, lock stock and barrel corporatist, seeking taxpayer funded insulation from the imminent tyranny they worked to FOREVER subjugate America to.
Amwrican corporations today, are “East India Trade Company” X infinity.
Well, most corporate CEOs are morons. Look at all the dopey woke crap they’ve been part of the last few years. For example, endorsing teen boys in girls’s showers, tranny changing rooms in Target and Macy’s.
Don’t be a muttonhead; there’s never been a tax on corporations that hasn’t been paid for by consumers, and that’s you and me, brother. Having big companies oppose this taxation is a GOOD THING.
YES, the BoD at Disney are leftist poltroons, but they have the business sense to understand the dynamics of taxation and how it hurts their business by harming their customers.
Disney is right now trying to entice people to come back to their theme parks; they’re advertising all-day tickets for “just” $83, when all-day tickets haven’t been below $100 for a decade. A 7% tax bump right now, most of which they’d about HAVE to pass right along to paying customers...? Not EVEN what their business model can absorb; they’re still in recovery and got their fingers crossed there’s no more Greek letter variants gonna show up and close the planet down, again.
Think of it this way: taxing corporations is how Congressional leftists put the screws to Mr. and Mrs. Main Street while hiding behind corporate America. These politicos know the companies will have to jack up their prices to cover the additional taxes, and when they do, guess who is actually paying the tax? Yeah, that’s you and me, Pal. And guess who looks bad? All the corporations get blasted as greedy ogres is what happens EVERY single time.
And guess who goes whistling on their merry way smelling like a rose? The very dirty leftist dogs who caused the whole crapfest, THAT’S who!
Oh, and guess who comes out to blast the corporations for not eating the tax themselves? Community Organizer types working hand-in-glove with the same Congressional commies who wrote the tax bill. Those Prog rat bastards get a win/win/win and big media never takes our side of the issue and gives ‘em any bad press.
Proggies get tax revenue for their accursed proggie programs.
Corporations and capitalism get an unearned black eye.
And the American consumer gets left holding the bill.
Well said. And I mostly agree.
The exception concerns the belief that consumers alone bare the brunt of taxation. It’s never that simple. The effect of taxation is organic in the sense the entire corporate body suffers — investments, reinvestments, inventory, payroll, purchasing power, earnings, market value, dividends, competitive flexibility, product availability/quality, and the remaining FUD.
Just say NO to it all, lock, stock and barrel!
And how many of these same clowns endorsed biden or donated money to his campaign?
Talk about bite the hand that feeds ya...
Woke corporations wanted Biden and knew they would get massive tax increases and wasteful social spending programs, and now they are waking up?
Woke? I say WAKE, as in WAKE UP!
These are the same a-hole companies and organizations (CofC, Business Rountable etc) who gave millions to the democrats and worked hard to defeat Trump. They are also the companies leading the woke crap in the business world. F them all.
Corporate America pimped for Biden to be elected now they find out he’s going to tax the hell out of them.
You get what you pimp for enjoy.
Quite true. I suppose I was oversimplifying because that “the consumer pays the freight” aspect ends up being so dominant as companies roll taxation’s impact all the way down to the bottom line, and seek a substantive portion of economic recovery through price increases.
All the rest you enumerate — it’s really analogous to friction in a machine, and money is the lubricant; starve the machine for lubricant, and it affects every part, causes increased heat, stress, wear, breakdown — anything that reduces the flow of money through the machine increases friction in the entire system, and taxation does that. So companies do undertake internal cost reduction measures that mediate the ultimate consumer effect. They know they’re going to get pilloried for raising prices, so there’s pressure to be able to say “we did everything to avoid it.”
As a corporate employee through the bleak days of the Dot Com Bust, I was exposed to an eye-popping roster of internal cost-cutting measures, so I’m rather painfully familiar with the arsenal of options that companies have before turning to customers to pony up. Granted, those economics were worse, and not tax-induced, but every conceivable “least harm” cost-saving idea got the green light in descending order, and then the “some harm,” “more harm,” and “9-1-1” options followed in turn.
To call it “educational” would be an understatement. OY!
Democrats throwing bricks into American business and wanting payoffs not to break any more windows. In shorts they want bribe money.
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