S&P 500 companies represent about 80 percent of publicly traded companies and earn about half their profits abroad. Imposing U.S. taxes on top of the foreign taxes they already pay will push down dividends and stock prices for companies like GE, Ford and Procter and Gamble. Those are well represented in many Americans’ retirement portfolios—and the president’s proposal would thereby impose a stealth tax on the elderly.
And unfortunately low information voters don’t make that connection. They are told that the corporations and “rich” people that can afford to buy stocks make all those greedy profits, and fail to realize that all retirement and pension plans (labor unions included) are invested in these corporations.
Similar to the attempt to go after 529s, but easier to defend due to complexity and being a couple steps removed from the average person.
But ZERO chance of actually happening. Which means this is just another anti-capitalist/class warfare play to all those Americans (including the kneejerk Progressive Dem base) who score high on the Gruber stupidity index.