Kamala Harris on Corporations Democratic candidate for President (withdrawn); California Senator

Help small businesses, not $5T to big corporations

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.

Outlaw new forms of price fixing by corporate landlords

Expand the startup expense tax deduction for new businesses

Raise corporate tax rates to 28%, from 21%

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.

Return corporate rate to 35%; Trump would lower to 15%

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.

Pandemic aid: increase loans to small businesses

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.

Small businesses employ almost half of the workforce

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.

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: