They aren't American any longer
You will be surprised to see the list of familiar household brands that are no longer American. How many of these brands would still be American if we had the FAIRtax?
Recently Worthly.Com posted an article titled “American Companies That Actually Aren’t American Any More.” You can page through the entries at:
Many of these formerly US companies now come under Chinese ownership. They include:
- Dirt Devil, whose owner now is Techtronic Industries, China.
- Forbes Magazine, whose owner now is Integrated Whale Media, China, which bought the magazine for $400 million in 2014.
- General Motors has partnered with Shanghai Automotive Industry Corp, China.
- General Electric sold its appliances business to Haier, China, in 2016 for $5.4 billion.
- The Waldorf Astoria Hotel, New York, now belongs to the Anbang Insurance Group of China, which purchased it for $1.95 billion.
- Motorola now belongs to Lenovo, China, which purchased it in 2014 for $2.9 billion.
- IBM also belongs to Lenovo, China, which purchased it in 2004 for $1.75 billion.
- Hoover now belongs to Techtronic, China, which purchased it in 2006 for $7.7 billion.
- Spotify, which has partnered with Tencent Holdings, China.
- Snapchat, 10% of whom belongs to Tencent Holdings, China.
- Segway Inc., which now belongs to Ninebot, China, which purchased it in 2015 for $80 million.
- AMC Theaters, which now belongs to the Wanda Group, China, which purchased it in 2012 for $2.6 billion.
There is no reciprocity. Chinese companies doing business in the US don’t have to turn over any data unless the US government goes to court and gets a warrant.
If the FAIRtax were in place, the United States would be the tax-friendliest place on the planet to do business. Selling out to a foreign company would be a terrible business decision. With the FAIRtax, not only would American companies stay in America, foreign companies would move here in droves bringing millions of jobs with them.
I would love to hear if you have a story about an American company that became a subsidiary of a foreign owner because of our tax code.
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