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Barack Obama on Corporations

Democratic nomine for President; Junior Senator (IL)


We both cut taxes; but McCain offers $200B to corporations

McCAIN: I will not stand for a tax increase on small business income. Sen. Obama talks about the very, very rich--but 50% of small business income taxes are paid by small businesses. That’s 16 million jobs in America. The whole premise behind Sen. Obama’s plans are class warfare: spread the wealth around.

OBAMA: Let me tell you what I’m actually going to do. Tax policy is a major difference between Sen. McCain & myself. We both want to cut taxes; the difference is who we want to cut taxes for. The centerpiece of Sen. McCain’s economic proposal is to provide $200 billion in additional tax breaks to some of the wealthiest corporations in America. Exxon Mobil, and other oil companies, for example, would get an additional $4 billion in tax breaks. About small businesses: not only do 98% of small businesses make less than $250,000 [and hence below my tax increase cutoff], but I also want to give them additional tax breaks, because they are the drivers of the economy. They produce the most jobs.

Source: 2008 third presidential debate against John McCain Oct 15, 2008

No capital gains tax on earnings under $250K

OBAMA: I want to provide a tax cut for 95 percent of working Americans. If you make less than a quarter million dollars a year, then you will not see your income tax go up, your capital gains tax go up, your payroll tax. Not one dime. In fact, independen studies have looked at our respective plans and have concluded that I provide three times the amount of tax relief to middle-class families than Sen. McCain does.

McCAIN: Sen. Obama was in Ohio and he had an encounter with a plumber, his name is Joe. Joe wants to buy the business, but he looked at your tax plan and saw he was going to pay higher taxes, which was going to cause him not to be able to employ people. Joe, I’ll not only help you buy that business you worked your whole life for, I’ll keep your taxes low. I will not stand for a tax increase on small business. And what you want to do to Joe and millions like him is have their taxes increased and not be able to realize the American dream of owning their own business.

Source: 2008 third presidential debate against John McCain Oct 15, 2008

We need Wall Street responsibility BEFORE financial crises

Q: Are you going to vote for the Senate bailout plan?

McCAIN: Sure. But there’s also the issue of responsibility. I’ve been heavily criticized because I called for the resignation of the chairman of the SEC. We’ve got to start also holding people accountable, and we’ve got to reward people who succeed.

OBAMA: McCain’s absolutely right that we need more responsibility, but we need it not just when there is a crisis. We’ve had years in which the reigning economic ideology has been what’s good for Wall Street but not what’s good for Main Street. There are folks out there who have been struggling before this crisis took place. And that’s why it’s so important we look at some of the underlying issues that have led to wages and incomes for ordinary Americans to go down, a health care system that is broken, energy policies that are not working. Unless we are holding ourselves accountable day-in, day-out, not just when there’s a crisis for folks who have power and influence and can hire lobbyists.

Source: 2008 first presidential debate, Obama vs. McCain Sep 26, 2008

High corporate tax rate is offset by numerous loopholes

McCAIN: Right now the US business pays the second highest business taxes in the world, 35%. Ireland pays 11%. If you’re a businessperson and you can locate anyplace in the world, then obviously if you go to the country where it’s 11% tax versus 35%, you’re going to be able to create jobs, increase your business, make more investment, etc. I want to cut that business tax. I want to cut it so that businesses will remain in the US and create jobs.

OBAMA: Here’s what I can tell the American people: 95% of you will get a tax cut. If you make less than $250,000--less than a quarter-million dollars a year--then you will not see one dime’s worth of tax increase. McCain mentioned that business taxes on paper are high in this country, but there are so many loopholes that have been written into the tax code, oftentimes with support of McCain, that we actually see our businesses pay effectively one of the lowest tax rates in the world.

Source: 2008 first presidential debate, Obama vs. McCain Sep 26, 2008

We still need corporate ethics & vigilant government

When CEOs are making more in ten minutes than the average worker earns in a year, and millions of families lose their homes due to unscrupulous lending, checked neither by a sense of corporate ethics or a vigilant government; when the dream of entering the middle class and staying there is fading for young people in our community, we have more work to do.
Source: McCain-Obama speeches at 99th NAACP Convention Jul 12, 2008

Cap the farm subsidies for Fortune 500 companies

save the land, but we can also improve the economic engines in a lot of these rural communities, and that is something that I’m absolutely committed to doing as president, but it’s going to require overcoming the excess influence of agribusiness lobbying There were elements of the [Senate farm bill] to replace traditional subsidies for certain crops and shift the money to conservation and nutrition and biofuels programs that did not make the changes I would have, so I would have voted against it.
Source: 2007 Des Moines Register Democratic Debate Dec 13, 2007

End tax breaks for companies that send jobs overseas

Obama believes that companies should not get billions of dollars in tax deductions for moving overseas. Obama will fight to ensure that public contracts are awarded to companies committed to American workers.

In today’s economy, American workers have to compete against high-skilled workers across the globe. Obama will make long-term investments in education, training, & workforce development so that Americans can leverage our strengths--our ingenuity & entrepreneurialism--to create new high-wage jobs

Source: Campaign website, BarackObama.com, “Resource Flyers” Aug 26, 2007

Hold corporations responsible for pensions & work conditions

Source: Campaign website, BarackObama.com, “Resource Flyers” Aug 26, 2007

Tax incentives for corporate responsibility

    Obama’s “REAL USA” Corporations Plan (Responsible, Accountable, Loyal USA Corporations) will reward companies that create quality jobs in America with tax incentives. Companies will be required to:
  1. locate in the United States 90% of its production and employment for the sales of goods and services that are consumed here;
  2. invest at least 50% of its R&D budget here in the U.S;
  3. make sure their workers have access to affordable health care by providing a standardized and portable health insurance plan and pay at least 70% of the cost;
  4. make sure their workers have retirement security by contributing at least 5% of payroll to a portable, multi-employer pension fund and operating a profit-sharing plan for all full time employees; and
  5. limit management compensation to 50 times the lowest-paid full-time worker.
Source: Campaign website, ObamaForIllinois.com Jun 25, 2004

Close tax loopholes for US companies relocating abroad

Obama will change the tax code by closing loopholes that give companies incentives to move jobs abroad, including denying tax benefits to former American companies that reincorporate offshore to avoid paying taxes.
Source: Campaign website, ObamaForIllinois.com Jun 25, 2004

REAL USA Plan: Reward companies that create domestic jobs

Obama’s “REAL USA” Corporations Plan (Responsible, Accountable, Loyal USA Corporations) will reward companies that create quality jobs in America with tax incentives. Companies will be required to:
  1. locate in the United States 90% of its production and employment for the sales of goods and services that are consumed here;
  2. invest at least 50% of its R&D budget here in the U.S;
  3. make sure their workers have access to affordable health care by providing a standardized and portable health insurance plan and pay at least 70% of the cost;
  4. make sure their workers have retirement security by contributing at least 5% of payroll to a portable, multi-employer pension fund and operating a profit-sharing plan for all full time employees; and
  5. limit management compensation to 50 times the lowest-paid full-time worker.
Source: Press Release, “Creating Jobs in America” Jun 21, 2004

Voted YES on repealing tax subsidy for companies which move US jobs offshore.

Amendment to repeal the tax subsidy for certain domestic companies which move manufacturing operations and American jobs offshore.
Reference: Tax Subsidy for Domestic Companies Amendment; Bill S AMDT 210 to S Con Res 18 ; vote number 2005-63 on Mar 17, 2005

Voted NO on reforming bankruptcy to include means-testing & restrictions.

Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy) to one under either Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Voting YES would:
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005; Bill S 256 ; vote number 2005-44 on Mar 10, 2005

Prevent money laundering by disclosing corporate owners.

Obama co-sponsored preventing money laundering by disclosing corporate owners

A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.

Source: S.2956 2008-S2956 on May 1, 2008

Other candidates on Corporations: Barack Obama on other issues:
Nominees:
GOP: Sen.John McCain
GOP V.P.: Gov.Sarah Palin
Democrat: Sen.Barack Obama
Dem.V.P.: Sen.Joe Biden

Third Parties:
Constitution: Chuck Baldwin
Libertarian: Rep.Bob Barr
Constitution: Amb.Alan Keyes
Liberation: Gloria La Riva
Green: Rep.Cynthia McKinney
Socialist: Brian Moore
Independent: Ralph Nader
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Page last updated: Dec 07, 2008