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Angus King on Corporations
Independent Former ME Governor
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Close corporate tax loopholes: 15% corporate tax minimum
Taxes: Raise or lower taxes on corporations and wealthier individuals?Angus King (I): Raise. Voted for a 15% corporate minimum tax that closes "loopholes long exploited by massive corporations and the wealthiest Americans."
Opposed the 2017 Trump tax bill with the largest one-time cut in the corporate tax rate and large tax breaks for the wealthy.
Demi Kouzounas (R): Unclear. Opposed Biden's American Rescue Plan, calling it "a $2 trillion tax hike proposal."
Source: Guides.vote candidate survey on 2024 Maine Senate race
, Sep 9, 2024
Regulatory relief for smaller banks stimulates growth.
King voted YEA Banking Bill
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
Source: Congressional vote 16-S2155 on Mar 14, 2018
Reducing tax rates balloons federal deficit & cuts programs.
King voted NAY Tax Cuts and Jobs Act
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 YES by Heritage Foundation (12/19/17):This is the most sweeping update to the US tax code in more than 30 years. The bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. The bill includes many pro-growth features, including a deep reduction in the corporate
tax rate, a scaled-back state and local tax deduction, full expensing for five years, and lower individual tax rates. 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:
This plan balloons the federal deficit by over $1.5 trillion. Cutting taxes for the rich now means cuts to the federal budget and entitlements later.The bill hampers the booming clean energy economy by ending tax credits for the purchase of electric vehicles and for wind and solar energy.The bill opens up the Arctic Refuge to drilling, a thinly veiled giveaway to the fossil fuel industry.Legislative outcome: Passed House, 224-201-7, roll call #699 on 12/20; passed Senate 51-48-1, roll call #323 on 12/20; signed by Pres. Trump on 12/22.
Source: Congressional vote 17-HR1 on Nov 16, 2017
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Other governors on Corporations: |
Angus King on other issues: |
ME Gubernatorial:
Janet Mills
Paul LePage
ME Senatorial:
Betsy Sweet
David Costello
Demi Kouzounas
Sara Gideon
Susan Collins
Susan Rice
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Gubernatorial Debates 2023:
KY:
 Incumbent Andy Beshear(D)
vs.State A.G. Daniel Cameron(R)
vs.Ambassador Kelly Craft(R)
vs.State Auditor Mike Harmon(R)
LA:
Incumbent John Bel Edwards(D,term-limited)
vs.Jeff Landry(R)
vs.Shawn Wilson(D)
vs.John Schroder(R)
vs.Sharon Hewitt(R)
MS:
Incumbent Tate Reeves(R)
vs.Bill Waller(R,withdrew)
vs.Brandon Presley(D)
Gubernatorial Debates 2024:
DE: Gov. John Carney (D, term-limited);
vs. Lt. Gov. Bethany Hall-Long (D)
vs. County Exec. Matt Meyer (D)
vs. State Rep.Mike Ramone (R)
IN: Gov. Eric Holcomb (R, term-limited);
vs. Sen. Mike Braun (R)
vs. Suzanne Crouch (R, lost May 7 primary)
vs. Eric Doden (R, lost May 7 primary)
vs. Attorney General Curtis Hill (R, lost May 7 primary)
vs. Jennifer McCormick (D)
MO: Gov. Mike Parson (R, term-limited):
vs. Secretary of State Jay Ashcroft (R)
vs. State Senator Bill Eigel (R)
vs. Lt.Gov. Mike Kehoe (R)
vs. House Minority Leader Crystal Quade (D)
MT: Gov. Greg Gianforte (R)
vs. Ryan Busse (D)
vs. State Rep. Tanner Smith (R, lost June 4 primary)
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Gubernatorial Debates 2024 (continued):
NC: Gov. Roy Cooper (D, term-limited);
vs. Lt.Gov. Mark Robinson (R)
vs. Attorney General Josh Stein (D)
vs. Treasurer Dale Folwell (R, lost March 5 primary)
vs. Justice Michael Morgan (D, lost March 5 primary)
vs. State Senator Andy Wells (R,withdrew)
vs. Rep.Mark Walker (R, withdrew)
ND: Gov. Doug Burgum (R, retiring)
vs. State Rep. Rick Becker (R)
vs. U.S.Rep. Kelly Armstrong (R)
vs. State Sen.Merrill Piepkorn (D)
NH: Gov. Chris Sununu (R, retiring)
vs. U.S.Sen. Kelly Ayotte (R)
vs. Mayor Joyce Craig (D)
vs. Acting Gov.Chuck Morse (R)
vs. Exec.Councilor Cinde Warmington (D)
UT: Gov. Spencer Cox (R)
vs. State Rep. Phil Lyman (R)
vs. Minority Leader Brian King (D)
VT: Gov. Phil Scott (R)
vs. Lt.Gov.David Zuckerman (D, withdrew)
vs. Selectman Peter Duval (D)
vs. Commissioner Esther Charlestin (D)
WA: Gov. Jay Inslee (D, retiring);
vs. Attorney General Bob Ferguson (D)
vs. U.S.Rep.Dave Reichert (R)
vs. State Sen. Mark Mullet (D)
vs. County Chair Semi Bird (R)
vs. Hilary Franz (D, withdrew to run for U.S.Rep.)
WV: Gov. Jim Justice (R, term-limited)
vs. WV Attorney General Patrick Morrisey (R)
vs. Huntington Mayor Steve Williams (D)
vs. WV State Auditor JB McCuskey (R, withdrew)
vs. WV Secretary of State Mac Warner (R, lost May 14 primary)
vs. State Del. Moore Capito (R, lost May 14 primary)
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