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Fred Thompson on Corporations

Former Republican Senator (TN)


Do better than world’s second-highest corporate tax penalty

The manufacturing industry is, in large part, an international industry nowadays, which means prices are set internationally. Manufacturers cannot do much about that but we can do a lot about their taxes and regulation. We have the second-highest corporate tax penalty in the world. We need to do better than that. We need to open up foreign markets. A lot of them are closing their markets to our people. Our people are not afraid to compete if the markets are open and the currency’s not devalued.
Source: 2007 Republican debate in Dearborn, Michigan Oct 9, 2007

Don’t intervene with automakers unless drastic circumstances

Q: Chrysler is facing a possible walkout on Wednesday. Should the government step in and help Chrysler and the other automakers?

A: No.

Q: Why?

A: Well, I think the government has to have a good reason to step in. I think it has to be something that drastically affects our economy or our national security. But I don’t think the government ought to step in and have people know that the government will step in if they walk out an create that kind of situation.

Q: Even if they say that they are at a disadvantage to foreign automakers?

A: Well, of course, they are. But that has nothing to do with the government stepping in. The government ought to relieve that disdavantage that we’ve got as far as foreign automakers are concerned, make them open up their markets and make certain markets quit devaluing their currency. That’s where the pressure needs to be applied.

Source: 2007 Republican debate in Dearborn, Michigan Oct 9, 2007

FactCheck: Yes, US corporate taxes are 2nd highest in world

Thompson was correct when he said that the US has “the second highest corporate tax penalty in the world.” According to a recent study, the US top corporate tax rate of 40% is just slightly below Japan’s 40.6%. The US is resisting a worldwide trend that has seen most nations reduce corporate taxes during the last decade. As of Jan. 1, 2007, the German rate was 38%; the Italian rate was 37%; and the Canadian rate was 36%. The average for the 30 major industrial democracies was 27.8%.
Source: FactCheck.org on 2007 Republican debate in Dearborn MI Oct 9, 2007

Commerce clause does not mean Feds can regulate everything

I recognize that changes in transportation and communication have created legitimate federal interests where none previously existed. My votes reflect that. But the idea that the commerce clause allows the Feds to regulate anything effecting commerce, no matter how remote, hopefully, is something we can all agree is not acceptable.
Source: The Fred Factor, by Steve Gill, p.164 Jun 3, 2007

Voted YES on restricting rules on personal bankruptcy.

Vote to pass a bill that would require debtors able to repay $10,000 or 25 percent of their debts over five years to file under Chapter 13 bankruptcy (reorganization and repayment) rather than Chapter 7 (full discharge of debt).
Reference: Bill HR 333 ; vote number 2001-236 on Jul 17, 2001

Other candidates on Corporations: Fred Thompson 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: Feb 08, 2010