Kamala Harris on Corporations Democratic candidate for President (withdrawn); California Senator

Reverse the 2017 corporate income tax cut

TWO CANDIDATES HAVE SIMILAR VIEWS: Kirsten Gillibrand; Marianne Williamson.

Some candidates, such as Sens. Kirsten Gillibrand and author Marianne Williamson, say they want to ge

New tax on banks with over $50 billion in assets

No candidates have similar views. Sen. Kamala Harris would impose a new tax on banks with over $50 billion in assets.

Why haven't we asked how to pay for tax cuts to the top 1%?

Harris: I hear that question, but where was that question when the Republicans and Donald Trump passed a tax bill that benefits the top 1 percent and the biggest corporations in this country? Contributing at least $1 trillion to the debt of America, which middle-class families will pay for one way or another. I am proposing that we change the tax code, so for every family that is making less than $100,000 a year, they will receive a tax credit that they can collect up to $500 a month. And on day one, I will repeal that tax bill that benefits the top 1% and the biggest corporations.

Facebook is like a utility; needs to be regulated

A: I think that Facebook has experienced massive growth and has prioritized its growth over the best interests of its consumers, especially on the issue of privacy. There is no question that there needs to be serious regulation, and that that has not been happening. There needs to be more oversight.

Q: Do you think they should be broken up?

A: Yes, I think we have to seriously take a look at that. They're essentially a utility. There are very few people that can actually get by without somehow, somewhere using Facebook. We have to recognize it for what it is. It is essentially a utility that has gone unregulated. As far as I'm concerned, that's got to stop.

New fees on banks and financial institutions

• Tax Cuts: Reverse some measures in the Tax Cuts and Jobs Act. Instead, create new direct tax breaks for middle and lower classes.
• Harris has proposed the LIFT the Middle Class Act, which would give a $3,000 refundable tax credit [to the middle class].
• She would pay for the multitrillion-dollar plan by eliminating some of the tax cuts put in place by the Republican-sponsored Tax Cuts and Jobs Act and by creating a new tax or fee on some banks and financial institutions.

Tough stance on mortgage lenders fell short

Nonetheless, the settlement was woefully inadequate. In terms of direct financial relief, underwater homeowners--weighed down by average debt of close to $65,000 each--received around $1,500 to $2,000 each. just 84,102 California families had any mortgage debt forgiven--far short of the 250,000 originally predicted.

Same rules must apply to everyone, including the wealthy

Deregulating banks encourages discriminatory practices.

Congressional Summary:

Economic Growth, Regulatory Relief, and Consumer Protection Act
• TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT: [for small banks,] requirements are waived if a loan is originated by and retained by the institution
• TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT: [deregulate] reciprocal deposits [if they] do not exceed 20% of its total liabilities.
• TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS
• TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES
• TITLE V--ENCOURAGING CAPITAL FORMATION
• TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

Supporting press release from Rep. Tom Emmer (R-MN-6): This legislation will foster economic growth by providing relief to Main Street, tailor regulations for better efficacy, and most importantly it will empower individual Americans and give them more opportunity.

Opposing statement on ProPublica.org from Rep. Gregory Meeks (D-NY-5): The bill includes many provisions I support: minority-owned banks and credit unions in underserved communities have legitimate regulatory burden concerns. Unfortunately, exempting mortgage disclosures enacted to detect discriminatory practices will only assist the Trump Administration in its overall effort to curtail important civil rights regulations. I simply cannot vote for any proposal that would help this Administration chip away at laws that I and my colleagues worked so hard to enact and preserve.

Legislative outcome: Passed House 258-159-10 on May 22, 2018(Roll call 216); Passed Senate 67-31-2 on March 14, 2018(Roll call 54); Signed by President Trump. May 24, 2018

Reducing tax rates balloons federal deficit & cuts programs.

Summary by GovTrack.US: (Nov 16, 2017)

For Corporations:
• Reduce the corporate tax rate to 21% from 35%.
• Overseas earnings would be taxed at 15.5% as opposed to the current 35%. This may seem like an enormous reduction, but current law only taxes overseas earnings if they are returned to the US; the 15.5% rate would apply regardless.

For Individuals:
• Lower the rate for the highest earners from 39.6% to 37%.
• Nearly double the standard deductions for individuals but repeal personal exemptions.
• The Affordable Care Act's individual mandate would be repealed.

Case for voting NO by Sierra Club (11/16/17): Republicans have passed a deeply regressive tax plan that will result in painful cuts to core domestic programs, to give billionaires and corporate polluters tax cuts while making American families pay the price. Among the worst provisions: