Posted on 02/28/2023 4:25:09 AM PST by Oldeconomybuyer
WASHINGTON (Reuters) - The Biden administration on Tuesday said it will require companies winning funds from its $52 billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare.
The Commerce Department on Tuesday is releasing its plans to begin accepting applications in late June for a $39 billion manufacturing subsidy program. The law also creates a 25% investment tax credit for building chip plants estimated to be worth $24 billion.
Recipients who receive more than $150 million in direct funding "will be required to share with the U.S. government a portion of any cash flows or returns that exceed the applicant’s projections by an agreed-upon threshold," the department said.
Commerce Secretary Gina Raimondo said companies must submit a workforce plan that includes an outline of workforce needs. Applicants seeking more than $150 million in direct funding must submit "a plan for how they will provide affordable and accessible childcare for their workers."
Applicants should also "create opportunities for minority owned, veteran-owned, and women-owned businesses; demonstrate climate and environmental responsibility; invest in their communities by addressing barriers to economic inclusion; and commit to using iron, steel, and construction materials produced in the United States."
"We're going to be doing our own diligence. We're not writing blank checks to any company that asks," Raimondo said. "We're making companies open their books."
(Excerpt) Read more at news.yahoo.com ...
Biden to semiconductor mfgs: “Here, take a hit of this drug. You’ll feel so much better.”
Basically Biden’s puppet masters are trying to run chip makers out of the US to cripple us even further.
This is about stopping the industry from developing in the US.
Why are our tax dollars subsidizing chip makers, EV mfg. or any company for that matter? And then telling those companies what they can do and not do? That is not free enterprise. That is not freedom in any sense of the word and not the American way. It’s almost like our government wants to ruin this country and the people.
What are “excess” profits and who gets to determine that?
Who is John Galt?
This story is ripped from the pages of Atlas shrugged. Literally.
Moving closer to communism.
“This is about stopping the industry from developing in the US.”
...
What they want isn’t just a business, they want this to be the perfect business, the shining example that treats all ‘stakeholders’ fairly. By the time we get through this trough feeding, with the set-asides, and the equitable distribution of the jobs to the favored disadvantaged groups, then we can get around to finally making something.
It is textbook fascism.
“Excess” profits? Who defines “excess”? This is so un-American!
What a travesty that we have allowed our God-given economic system to be corrupted so.
The whole thing sounded good ... for sound bites showing Biden was “doing something” - but on closer look the fund will do just the opposite and discourage chip makers, who will see this as US government control, making them government ‘profit’ centers. Any where but the US - so they will stay offshore.
“Biden to semiconductor mfgs: “Here, take a hit of this drug. You’ll feel so much better.”
Biden’s the dealer, a receiving company is the user. The user has some responsibility for his addiction.
Exactly, this is what the mafia does, always need to have a taste. Id assume theyll be using the companies forecast to determine “excessiveness”. Which of course will lead to accounting tactics to bury the excessiveness of it all. Another unintended consequence will be pricier chips but hey inflations on its way out so..... we will all be fine.
There won’t be any ‘excess’ profits.........................
10 percent for the big guy
Recipients .. "will be required to share .. cash flows or returns that exceed the applicant’s projections..
Yes, Comrade, your government extends the bread with one hand and holds the pistol in the other. You must produce quality
and quantity in accord with our DIE strictures..or else. We are the new World Order and you will obey.
Welcome to our glorious 5 year plan!
From each, according to his ability. To each, according to his need.
Can we agree that anyone using the term “excess profits” is not to be trusted?
All they have to do is distribute any profits to the CEO as a bonus to avoid this sharing.
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