Puerto Rico Ping! Please Freepmail me if you want on or off the list.
Posted on 06/04/2020 6:54:46 AM PDT by BeauBo
White House Director of Trade and Manufacturing Policy Peter Navarro will sit down next week with Rep. Jenniffer Gonzalez-Colon, a Republican from Puerto Rico, to discuss legislation she crafted to bring companies back from China to distressed areas in the United States.
The measure would offer tax incentives for businesses to move pharmaceutical drug or device manufacturing to "distressed zones" in the U.S. and Puerto Rico. It would also provide tax breaks for goods and services purchased by a manufacturer from a provider located within one of these zones. Incentives would be greater for supply lines that move from overseas and for purchases made from minority-owned businesses.
The bill calls on the Department of Health and Human Services to study whether extending the intellectual property of some drugs and devices is effective in driving innovation, and if so, recommends an expedited approval process and lengthens a product or drug's period of market exclusivity.
"Through not only the tax incentives, and the BARDA collaboration, but also the IP goodies, we're not going to give you money, but we're going to let you get your money back over a longer period," said one senior House aide familiar with the legislation. The aide said the White House is "looking to do something."
While the Joint Committee on Taxation "will probably have a heart attack," the White House knows "it will cost money to bring manufacturing out of China or India," this source said. "It's not going to be a cheap thing. The White House knows this.”
The bill is an amended version of the Securing the National Supply Chain Act of 2020, introduced by Gonzalez-Colon in April.
(Excerpt) Read more at washingtonexaminer.com ...
I thought at one time most pharma companies were in PR, what happened?
What is a “distressed zone”? I sincerely hope it isn’t a recently burned out city with broken glass littering its sidewalks. I wouldn’t spend any money at all in a place like that.
And make Nazi Pelousy & Co. vote AGAINST bringing jobs to communities of color. Politically it’s brilliant.
Are they safer in China at this point?
I can’t think of any reason I would want to own a business in America. This place is a madhouse.
Ummm ... I would not invest in a taco stand in a neighborhood where the locals rioted and looted. Never mind open one.
Let the local ordinary citizens start shooting rioters and looters first.
Minneapolis?NYC?
You want to punish them?
Although maybe Apple and Nike should put their money where their mouth is.
Ooo - that’s not a bad idea!
Counter tweet the corporations and demand they open offices and factories in Ferguson and Minneapolis to support black employment!
Ping!
Our President is not alone in this. The Japanese are actively discussing this type of incentive as well.
And, numerous Southeast Asian nations are offering incentives for companies to relocate textile and simple manufacturing of rubber and plastic components/toys to their countries.
“I thought at one time most pharma companies were in PR, what happened?”
The Clinton Administration (with the Legislature) put an end to the tax structure that made it favorable (while they were apparently taking all kinds of Chinese money - Charlie Trie, Mochtar Riady, the Hsi Lai Temple etc.)
China took almost all of the business. They deliberately target a few industries at a time to take over, and subsidize their industries with whatever it takes to win (free loans, free land, free electricity, etc).
In many cases, they bribe foreign officials to change the cost structure of their competitors (cheaper for them). The Clinton Administration did that for China, by raising taxes on Puerto Rican pharmaceutical manufacturers, enough to drive them into the waiting arms of the ChiComs.
I guess this draft legislation is largely abut restoring those tax breaks.
Excellent!
And, I don't think you'd get the most diligent workforce, either.
Figured it was a government official payoff thing, sheesh
I’ve heard some expert on Breibart Radio tell how China targets companies in the US, uses shell companies to buy into them and then take control. After they learn the company manufacturing process, they shut them down and move it to China. The expert was a former General who Trump had tasked with trying to find out how pervasive China was in US business. Basically what he said is that China has so much money in the US in all sectors that no one was willing to give him anything more than the time of day to help his research.
Some of the smaller manufacturers think this is a great deal to help them expand, and next thing they know is it’s all gone. If the former owner tries to stop them, the Chinese have all the top US law firms on retainer and the legal fees needed to fight them are too great.
Their target is the custom parts companies for military application, which developed and patented these parts for US military.
Actually, why bother? Just more targets for the mobs./s
“The measure would offer tax incentives for businesses to move pharmaceutical drug or device manufacturing to “distressed zones” in the U.S. and Puerto Rico. “
I know I’m not a government genius, but how about a brutal tariff if they make them there. No tariff and punishment if they make them here?
I can see the Slimes headline:
“Trump is a Fascist!”
Puerto Rico Ping! Please Freepmail me if you want on or off the list.
Distressed zones?!
If that means the blue bits, it won’t work.
NYS has poured billions of OPM down that ‘Rat hole to no avail.
Siting in a blue bit is just SSDD.
Bring biz back and let them site where they think best.
If they have any brains, it’ll be in right to work states.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.