Democrats tend to increase the federal government’s power over American workers and businesses.
But now they want to grant European bureaucrats significant control over the American economy by imposing European regulations specifically designed to harm American companies.
The Biden administration has accomplished some of this agenda by executive fiat. Congress has a golden opportunity to put an end to this.
The European Union has long treated American companies like piggy banks to expand their social welfare state to the tune of tens of billions of dollars per year. The EU may be incapable of technological innovation, but it excels at inventing new ways to separate American companies from their money. (RELATED: GROVER NORQUIST: He Won’t Be President, But This Red State Gov Is Winning Another Crucial Race)
New forms of taxation like the “Digital Services Tax,” and regulation such as the “Digital Services Act” and “Digital Markets Act,” are explicitly designed to fleece American companies while exempting their European counterparts.
A 2022 study estimated that new DMA and DSA regulations would force American companies to pay between $22 and $50 billion in new compliance costs, borne by American households already suffering under high inflation. Failure to comply with the DMA regulation could result in fines totaling 10% of the annual turnover. Forking over all........