WASHINGTON, D.C. – Today, following the House passage of the partisan CHIPS bill, Rep. French Hill (AR-02) released the following statement:
“By all accounts, semiconductor companies are highly profitable, growing rapidly, and able to actively compete with China without additional subsidies or new tax credits. We aided all American industries and our competitiveness when we passed the Tax Cuts and Jobs Act – removing double taxation on earnings from abroad. Over $1 trillion in capital flowed back to the United States. At a time when inflation is already at a 40-year high, the CHIPS Act will recklessly send billions of taxpayer dollars to an industry that is not in need of government intervention or assistance. I could not support this continued spending spree, which will spur inflation at the cost of the American taxpayer.”
Original source can be found here.
