Think Jobs: Popular Foreign Companies
Many people are surprised to find out that some "household" names are considered foreign-owned companies. In fact, AW North Carolina Inc. produces automotive components. It is located in Durham, North Carolina, and is owned by a Japanese firm. Glaxo Smith Kline is owned by a UK parent. Food Lion, a popular retail grocer located primarily in the south, and Anheuser-Busch, America’s best-selling beer maker, are owned by Belgium firms. These are only a few of the firms that are owned by foreign investors. Combined, they employ thousands of US workers in management, retail sales and manufacturing.
As far back as 2005, foreign companies paid more than $42 billion in income tax. It is nearly impossible to determine what cuts would take place or what the overall impact would be if this revenue was not available to help fund programs like the Department of Energy, the Department of Education, the Food and Drug Administration, and countless others. Without tax revenue, there would have to be significant cuts to programs we depend on to keep us safe, to fund US investments, and to provide the services we need to help us enjoy so much of what we take for granted as US citizens.
While many people remain fearful of the overall impact of foreign investment in US firms, real estate and even in our government, the job loss that would occur without these investments is staggering. Foreign investment is good for a number of reasons: Keeping (and creating) jobs, encouraging more competitiveness in the marketplace, and keeping the cost of capital needed for expansion lower for all businesses.