Dick Gephardt on Corporations Former Democratic Representative (MO-3); Former Democratic Candidate for President

Greed can kill democracy and capitalism

DEAN: While what Gephardt did was legal, it was really inappropriate. And it's a symptom of a larger problem with corporate America. There's an incredible insensitivity at the highest levels of corporate governance in terms of the plight of the middle class. Middle-class people are really struggling in this country. Corporate America has lost touch with the average Americans' concern in this country. And until they get that touch back, we're going to have this big divide and need for supervision of issues like salary and pension reform.

$36B in tax relief for small businesses

The centerpiece of the bill is the creation of a $4 million exclusion from the estate tax for small businesses. The cost of the bill is fully offset by closing a tax loophole that allows wealthy individuals to flee the country for tax avoidance reasons. Highlights:
1. Increase family estate tax exclusion for small businesses to $4 million
2. Increase deduction for business investments to $30,000
3. Increase business deduction for meal and entertainment expenses to 65%
4. Allow deductions for travel expenses of a spouse accompanying owner on a business trip
5. Make the Work Opportunity Tax Credit and the Welfare to Work Tax Credit Permanent
6. Provide a $2,000 exclusion for educational benefits provided by business for employees’ children Source: Press Release, “Small Business Tax Relief” Mar 9, 2000

   Code of conduct for US businesses empowers workers

   It’s time for an open debate about the role businesses play in the world economy. In early 1996 a spate of major downsizings [occurred at] many at apparently healthy and thriving companies. I felt that the national outcry against corporate short-sightedness that arose in early 1996 offered our political leadership a rare opportunity to act. For quite some time I had advocated a code of conduct by which US businesses should govern their overseas operations, as well as a series of worker empowerment measures here at home, including pay-for-performance incentives, stock options for employees at all levels, and other efforts to promote “gainsharing” in companies across the country.

   To my dismay, the White House strongly opposed our efforts. Since so many business leaders assume-wrongly, I think-that what’s good for workers and communities must be bad for the bottom line, they automatically oppose any effort, like ours, to call attention to the larger responsibilities of business.

   Source: An Even Better Place, by Dick Gephardt, p. 40-42 Jul 2, 1999

   Voted NO on replacing illegal export tax breaks with $140B in new breaks.

   Vote to pass a bill that would repeal an export tax break for U.S. manufacturers ruled an illegal trade subsidy by the World Trade Organization, while providing for about $140 billion in new corporate tax cuts. Revenue raising offsets would decrease the cost of the bill to $34.4 billion over 11 years. It would consist of a buyout for tobacco farmers that could not go over $9.6 billion. It also would allow the IRS to hire private collection agencies to get back money from taxpayers, and require individuals who claim a tax deduction for a charitable donation of a vehicle to obtain an independent appraisal of the car. Reference: American Jobs Creation Act; Bill HR 4520 ; vote number 2004-259 on Jun 17, 2004

   Rated 0% by the US COC, indicating an anti-business voting record.

   Gephardt scores 0% by US Chamber of Commerce on business policy

   Whether you own a business, represent one, lead a corporate office, or manage an association, the Chamber of Commerce of the United States of AmericaSM provides you with a voice of experience and influence in Washington, D.C., and around the globe.

   Our members include businesses of all sizes and sectors—from large Fortune 500 companies to home-based, one-person operations. In fact, 96% of our membership encompasses businesses with fewer than 100 employees.

   Mission Statement:

   "To advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity, and responsibility."

   The ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position. Source: COC website 03n-COC on Dec 31, 2003

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