James Lankford on Corporations

Our corporate tax rates are some of the highest in the world

In 2017, James worked to pass the Tax Cuts and Jobs Act. The comprehensive tax reform was a win for the middle class by lowering all middle income tax brackets and doubling the standard deduction. Small businesses received needed relief with a lowered tax rate and maintenance of certain exemptions. America did not become great by redistribution of wealth, America became great because there was an equal opportunity for any person to work hard and be a success.

Voted YES on workforce training by state block grants & industry partners.

Supporting Knowledge and Investing in Lifelong Skills Act or SKILLS Act:
• Reauthorizes appropriations workforce investment systems for job training and employment services.
• Requires a plan describe:
  1. strategies and services to more fully engage employers and meet their needs, as well as those to assist at-risk youth and out-of-school youth in acquiring education, skills, credentials, and employment experience;
  2. how the state board will convene industry or sector partnerships that lead to collaborative planning;
  3. how the state will use technology to facilitate access to services in remote areas;
  4. state actions to foster partnerships with non-profit organizations that provide employment-related services; and
  5. the methodology for determining one-stop partner program contributions for the cost of the infrastructure of one-stop centers.
• Repeals title VI (Employment Opportunities for Individuals with Disabilities)

National League of Cities op-ed, "H.R. 803 fails because it would:"
1. Undermine the local delivery system that has been the cornerstone of job training programs
2. Establish a program that is based on political boundaries (states) rather than on economic regions and local labor markets, or the naturally evolving areas in which workers find paying work
3. Eliminate a strong role for local elected officials but require that they continue to be fiscally liable for funds spent in their local areas
4. Change what was once a program targeted to those most in need--economically disadvantaged adults and youth and special population groups like veterans, migrant farm workers, and low income seniors--into a block grant to governors
5. Contribute to the emerging division between those American's who have the requisite skills to find employment and those who do not.

Repeal ObamaCare reporting requirements for small business.

A BILL To repeal the expansion of information reporting requirements for payments of $600 or more to corporations. Section 9006 of the Patient Protection and Affordable Care Act, and the amendments made thereby, are hereby repealed; and the Internal Revenue Code of 1986 shall be applied as if such section, and amendments, had never been enacted. [This is the first attempt at dismantling ObamaCare by pieces, as opposed to H.R. 2 which dismantles ObamaCare in whole. The proposed section of the ObamaCare law to be repealed appears below. --OnTheIssues editor].

SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS.
• The Internal Revenue Code of 1986 is amended by adding at the end the following new subsections:
• APPLICATION TO CORPORATIONS. The term 'person' includes any corporation that is not an organization tax-exempt.
• REGULATIONS. The Secretary may prescribe such regulations as may be necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.
• EFFECTIVE DATE. The amendments made by this section shall apply to payments made after December 31, 2011.

Rated 0% by UFCW, indicating a pro-management voting record.

The United Food and Commercial Workers International Union (UFCW) is North America's Neighborhood Union--1.3 million members with UFCW locals in all 50 states, Puerto Rico and Canada. Our members work in supermarkets, drug stores, retail stores, meatpacking and meat processing plants, food processing plants, and manufacturing workers who make everything from fertilizer to shoes. We number over 60,000 strong with 25,000 workers in chemical production and 20,000 who work in garment and textile industries.

The UFCW House scorecard is based on these key votes:
1. (+) Extension of Trade Adjustment Assistance (TAA)
2. (+) H. Am. 877 Bishop Am. to HR 3094, penalties for lawsuits against unionization
3. (+) H. Am. 880 Jackson-Lee Am. to HR 3094, preventing delays in union votes
4. (-) Middle Class Tax Relief and Job Creation Act, freezing public salaries
5. (-) Regulation from the Executive in Need of Scrutiny (REINS) Act, for less corporate regulation
6. (-) Repealing the Job-Killing Health Care Law Act
7. (-) Workforce Democracy and Fairness Act, letting CEOs fire union organizers

Regulatory relief for smaller banks stimulates growth.

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

Reduce corporate tax rates from 35% to 21% to create jobs.

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: