Washington, D.C. — The American Economic Liberties Project released the following statement in response to news that the Semiconductor Industry Association is asking for another $20 to $30 billion in Federal tax subsidies from Washington between now and 2030.

“The financiers who control America’s semiconductor industry are manipulating real national security concerns on the need for American chip design and production to steal from the American taxpayer,” said Lucas Kunce, Director of National Security Policy at the American Economic Liberties Project. “These financiers themselves are the biggest threat to American production and design. The industry says it needs $20-$30 billion over the coming decade to stay competitive in chip design worldwide and support American jobs. Yet over the previous decade, SIA members have showered shareholders with more than $267 billion in stock buybacks, plus lucrative dividends. If just 10 percent of that shareholder windfall had been saved for R&D, it would cover the subsidies they claim to need. The American taxpayer cannot afford to hand out more money without strings attached. Any money must include a ban on share buybacks and dividends until the US taxpayer is repaid in full with interest.”

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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.