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Kamala Harris on Corporations
Democratic candidate for President (withdrawn); California Senator
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Help small businesses, not $5T to big corporations
Q: Do you believe Americans are better off than they were 4 years ago?HARRIS: My passion is small businesses. My mother raised my sister and me but there was a woman who helped raise us. We call her our second mother. She was a small business owner.
I love our small businesses. My plan is to give a $50,000 tax deduction to start-up small businesses, knowing they are part of the backbone of America's economy. My opponent, on the other hand, his plan is to do what he has done before, which is to
provide a tax cut for billionaires and big corporations, which will result in $5 trillion to America's deficit.
Q: But are Americans better off than they were 4 years ago?
HARRIS: Let's talk about what Donald Trump left us. Donald Trump left us
the worst unemployment since the Great Depression. Donald Trump left us the worst public health epidemic in a century. Donald Trump left us the worst attack on our democracy since the Civil War. And what we have done is clean up Donald Trump's mess.
Source: ABC News 2024 Presidential debate in Philadelphia
, Sep 10, 2024
Outlaw new forms of price fixing by corporate landlords
Vice President Harris has put forward a comprehensive plan to build three million more rental units and homes that are affordable to end the national housing supply crisis in her first term. And she will cut red tape to make sure we build more housing
faster and penalize firms that hoard available homes to drive up prices for local homebuyers. Vice President Harris knows rent is too high and will sign legislation to outlaw new forms of price fixing by corporate landlords.
Source: 2024 Presidential campaign website KamalaHarris.com
, Sep 9, 2024
Expand the startup expense tax deduction for new businesses
She has set an ambitious goal of 25 million new business applications by the end of her first term--over 10 million more than Trump saw during his term. She will expand the startup expense tax deduction for new businesses from $5,000 to $50,000 and take
on the everyday obstacles and red tape that can make it harder to grow. She will drive venture capital to the talent that exists across our country including in rural areas, and increase federal contract dollars going to small businesses.
Source: 2024 Presidential campaign website KamalaHarris.com
, Sep 9, 2024
Raise corporate tax rates to 28%, from 21%
Ms Harris's economic strategy involves targeted tax cuts [for child tax credits and the earned income tax credit]. These tax cuts would not come in isolation, however. America's budget deficit is running at about 7% of GDP. Neither of the candidates has
offered any serious proposals about how to clean up the country's fiscal picture, and would in all likelihood make it worse.Ms Harris has said that she will follow President Joe Biden's previously outlined plans to raise corporate tax rates to 28%,
from 21%, but to only increase income taxes on individuals earning more than $400,000 annually. Together, these changes would not generate enough revenue to cover the full cost of her agenda. The shortfall would add about $1.4trn to America's deficit
over the next decade, according to Piper Sandler, an investment bank. That is a lot, even if less than the cost of Mr Trump's tax-cutting plan, which is estimated to be about $4.5trn over the next decade.
Source: The Economist on 2024 Presidential hopefuls
, Aug 21, 2024
Return corporate rate to 35%; Trump would lower to 15%
Q: What does Harris want to do about the corporate tax rate?A: The Tax Cuts and Jobs Act permanently reduced the corporate income-tax rate to 21% from 35%.As a candidate seeking the 2020 nomination, Harris said she wanted to return that rate to 35%.
If that's still the case, she would be seeking a steeper increase than Biden. The president has proposed boosting the corporate tax rate to 28%. Trump, meanwhile, has floated the idea of taking the corporate rate down to 15%.
Q: What about Harris's proposed tax on stock trades, and other ideas where she differed from Biden?
A: In 2019, when she was running for the Democratic nomination for president, Harris said in a Medium post that she would pay for her healthcare plan
in part by taxing "Wall Street stock trades at 0.2%, bond trades at 0.1%, and derivative transactions at 0.002%. Think of it like this: that's a $2 fee on a $1,000 trade by investors and big banks," her post said.
Source: Morningstar Review on 2024 Presidential hopefuls
, Jul 27, 2024
Pandemic aid: increase loans to small businesses
Today's actions build on historic investment steps the Biden-Harris Administration has already taken to support small businesses, particularly those who are seeking equity and financing investments: [including] reversing the previous Administration's
policies and made small business supports more equitable.When the last Administration gave out pandemic aid to small businesses, they designed it to favor the well-off and the well-connected who had concierge service with big banks, while underserved
entrepreneurs like women-, veteran-, and minority-owned small businesses were put at the back of the line or even out the door. Just one month into office, the Biden-Harris Administration changed that, instituting a 14-day period during which only
businesses with fewer than 20 employees could apply for relief. Research shows these reforms helped increase loans to small businesses in low to moderate income communities by 62 percent and expanded lending to the smallest businesses by 35 percent.
Source: Vice Presidential 2024 press release: "Small Business"
, Mar 1, 2024
Small businesses employ almost half of the workforce
Today, we honor our small businesses. It has been a passion of mine for many, many years to support these leaders. Our business leaders are community leaders; they're civic leaders; they hire locally; they mentor. We're here to honor the work that's
happening, understanding also that our small businesses in the United States actually employ almost half of the workforce that is not in public work in the government.So, we're talking about a gigantic, huge workforce that is contributing to the
economy, paying taxes, and doing the work that is about strengthening our economy and, by extension, our country.
So, it's good to be here to honor them. [The staff and Congressional supporters of the Small Business Administration]
have been doing extraordinary work through the SBA, facilitating loans in an extraordinary way in terms of historically what has happened and now what is happening in terms of the outreach and implementation of [pro-small business] policies.
Source: White House Vice Pres. 2024 press release: "Small Business"
, Nov 23, 2023
Reverse the 2017 corporate income tax cut
Kamala Harris on Corporate Income Taxes: Reverse the 2017 corporate 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
Source: Politico "2020Dems on the Issues"
, Jul 17, 2019
New tax on banks with over $50 billion in assets
Kamala Harris on Wall Street Taxes: Impose higher taxes on financial institutions.No candidates have similar views.
Sen. Kamala Harris would impose a new tax on banks with over $50 billion in assets.
Source: Politico "2020Dems on the Issues"
, Jul 17, 2019
Why haven't we asked how to pay for tax cuts to the top 1%?
Q: Do you think that Democrats have a responsibility to explain how they will pay for every proposal?
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.
Source: June Democratic Primary debate (second night in Miami)
, Jun 27, 2019
Facebook is like a utility; needs to be regulated
Q: Your opinion on Facebook and social media? 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.
Source: CNN SOTU 2019 interview of presidential hopefuls
, May 12, 2019
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.
Source: PBS News hour on 2020 Presidential hopefuls
, Jan 21, 2019
Tough stance on mortgage lenders fell short
In September 2011, Harris pulled California out of nationwide mortgage settlement talks with the five biggest mortgage servicers. The deal Harris got for California was ultimately much better. It provided $18.4 billion in debt relief and $2 billion in
other financial assistance, as well as incentives for relief to center on the hardest hit counties. The banks had originally only offered California, the state hardest hit by the housing crisis and fraud, $2-4 billion.
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.
Source: Jacobin Magazine on 2018 California Senate race
, Aug 10, 2017
Same rules must apply to everyone, including the wealthy
Millions of Americans know that feeling of walking through the front door of their own home for the first time--the feeling of reaching for opportunity and finding it. That's the choice in this election. It's a choice between an America where
opportunity is open to everyone, where everyone plays by the same set of rules, or a philosophy that tilts the playing field to help the wealthiest few. A choice between holding Wall Street accountable or letting it write its own rules.
Source: Speech at 2012 Democratic National Convention
, Sep 5, 2012
Deregulating banks encourages discriminatory practices.
Harris voted NAY 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.
Harris 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
Page last updated: Nov 02, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org