If tax rates were not so high, subsidies ( which come from taxation and irresponsible borrowing) would not be necessary.
And those industries still need to be powered by hydrocarbons (readily available) or nuclear (is it true a new plant was approved? Or is that just Internet rumor?).
Note this correction I made...
A friend of mine was a Toyota dealer mechanic. They had the hardest time figuring out why so many cars were having electrical problems right off the lot when those coatingsnfirst began being used.
Yes many have been approved. Several outskirt communities of Columbus are "fighting" over who is going to get the micro chip factory for tax reasons, much like how the amazon warehouse and facebook data center are all paying for new schools.
www.computerworld.com
My grandfather, who was a conservative, used to talk about how America was at it's best when the corporate tax rate was at 80%. Now, none of the corporations actually paid that, but their taxes were reduced when they showed that portions of their profits were going into R & D, Health Care, wages or growing the industry. When that changed, everything changed. Now, profits are for shareholders.
Yes, the new facility is supposed to come online in 2029.
I think more are coming also. Even California's governor has changed his opinion on the 2 nuke plants that were in production.
Yes many have been approved. Several outskirt communities of Columbus are "fighting" over who is going to get the micro chip factory for tax reasons, much like how the amazon warehouse and facebook data center are all paying for new schools.
Some factories may run on hydrocarbons, some on solar or wind. Whatever the manufacturer sees as their best option. If Tesla's can be made in factories powered by solar, so can micro chips.
My statement on micro chips was not about what would power their production, just the fact that there is an effort to bring their production here.
Will the CHIPS Act really bring back semiconductor production and tech jobs?
Micron Technology is just the latest of a half dozen companies to announce new semiconductor fabrication plants in the US, part of a US government effort to bring chip manufacturing back to American shores. But a lack of tech talent and long-term funding questions could derail the mission.
It was even better before the 16th Amendment. . . Taxes paid by corporations and tariffs. Citizens kept whatever they made, productive people were not penalized. IIRC one of the (many) reasons why the Panama Canal was built was because the uS Treasury was so full they were trying to come up with ways to spend it.
