Koch Industries, owned by influential Republican donors Charles and David Koch, has warned that part of Congressional Republicans’ plan to change corporate tax rates “could be devastating” to the United States economy, Bloomberg Politics reported on Thursday.
Republicans in Congress are considering a plan that would apply corporate taxes to imports but remove them from exports in an attempt to keep U.S. companies from moving abroad.
In a statement to Bloomberg Politics, Koch Industries said that the proposed change, called “border adjustments,” would “adversely impact American consumers by forcing them to pay higher prices on products produced in and goods imported to the U.S. that they use every single day.”
In response to the Koch statement, Rep. Kevin Brady (R-TX), the chair of the House Ways and Means Committee, said that he would like to work with the Kochs on changes to the tax code.
“This pro-growth idea is a key provision that improves our global competitiveness and helps level the playing field for exports and imports,” Brady told Bloomberg Politics in a statement. “It also meets our shared goal to eliminate any tax incentive to move our jobs, headquarters and innovation offshore. I look forward to working with Koch Industries and all job creators as we continue to turn our blueprint into legislation.”
The proposal from Republicans was floated in June, and Trump did not include border adjustments in his tax plan. But the President-elect has said he will try to create incentives for companies to stay in the U.S.
Somebody didn’t get the message that Republicans are now living in opposite world when it come to trade. Time for some traffic problems outside the Koch Industries parking lot…
Surely the simple solution is to make the Koch brothers Senators by presidential decree on January 20th, if they can take the time from their busy schedules. They seem less impulsive and thin-skinned than some elected officials and are not addicted to twitter rants.
Koch Industries Opposes Human Beings.
“They just get in the way of making more money,” said a Koch spokesrobot in a press release. “Someone should really look into how to eliminate them altogether.”
This is what I admire most about the Koch brothers and the billionaire class.
They’re always looking out for the little guy.
Kochs to Congressional Republicans: “Come! Sit! Rollover! Fetch! Heel! Good Boys!”