In May, Rep. Mike Fitzpatrick
(R-Pa.), along with scores of other lawmakers engaged in similar
activity, submitted 12 bills to suspend importation duties on chemicals
such as Isoviolanthrone Crude Dry Presscake and 4-Sulfo-1,8-naphthalic
anhydride potassium salt. The proposals would reduce taxes companies pay
when they import chemicals from overseas to produce products here in
the United States.
Now the International Trade Commission has estimated how much those proposals would cost taxpayers in lost revenue, which is also the monetary amount they would benefit the companies that are requesting them.
Eleven of Fitzpatrick’s 12 proposals would benefit two companies — both significant campaign donors — to the tune of $5.2 million, the ITC documents show.
The ITC analysis connected three of the proposals to Arkema Inc., the U.S. division of Arkema, France’s largest chemical company. Documents submitted by Fitzpatrick in May did not list the company’s name in connection with the proposals.
Those three bills would benefit Arkema by $3.8 million in reduced taxes over five years.
Arkema’s political action committee and people connected to the company have donated at least $15,870 to Fitzpatrick since 2010, according to documents filed with the Federal Election Commission by Fitzpatrick’s campaign.
Arkema’s U.S. headquarters is in King of Prussia, Pa. The company employes 2,400 people in the United States and 14,000 people worldwide. A representative for Arkema said the proposals had bipartisan support.
Read more: http://www.rollcall.com/news/trade_commission_scores_tariff_proposals_that_would_benefit_mike-218512-1.html?pos=hftxt
Now the International Trade Commission has estimated how much those proposals would cost taxpayers in lost revenue, which is also the monetary amount they would benefit the companies that are requesting them.
Eleven of Fitzpatrick’s 12 proposals would benefit two companies — both significant campaign donors — to the tune of $5.2 million, the ITC documents show.
The ITC analysis connected three of the proposals to Arkema Inc., the U.S. division of Arkema, France’s largest chemical company. Documents submitted by Fitzpatrick in May did not list the company’s name in connection with the proposals.
Those three bills would benefit Arkema by $3.8 million in reduced taxes over five years.
Arkema’s political action committee and people connected to the company have donated at least $15,870 to Fitzpatrick since 2010, according to documents filed with the Federal Election Commission by Fitzpatrick’s campaign.
Arkema’s U.S. headquarters is in King of Prussia, Pa. The company employes 2,400 people in the United States and 14,000 people worldwide. A representative for Arkema said the proposals had bipartisan support.
Read more: http://www.rollcall.com/news/trade_commission_scores_tariff_proposals_that_would_benefit_mike-218512-1.html?pos=hftxt
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