Bob Smith on Corporations

Republican Sr Senator (NH; retired 2002)

Picking industry winners is unconstitutional & immoral

Not only is the US Government bailing out failing industries, it is assuming ownership, selecting CEO's and boards of directors and making decisions in the day to day operations of these private businesses. This blatant intrusion and expansion into the private sector means more control for the government and more regulation and restriction over these companies. It is a dangerous precedent when politicians in Washington pick and choose the winners and losers in American industry. When the government restricts free enterprise, it is essentially assailing our individual liberties as well. This is not only unconstitutional it is just plain immoral.

In America we have always had the right to succeed and the right to fail. Risk-taking and capitalistic free enterprise are the catalysts that have made our nation prosper. We have now traveled down a dangerous path that may have no end. Now we are picking winners and losers. Who picks? Who wins? Who loses? We know who pays the bill. The US Taxpayers.

Source: Campaign website, www.friendsofsenatorbobsmith.com Mar 4, 2010

Supports numerous reforms to promote small business

oversight boards to monitor the enforcement practices of certain Federal agencies such as OSHA
requiring agencies to provide small businesses with simple explanations of complex regulations
the Family Friendly Workplace Act, which has comp time provisions for the private sector
Voted against a proposal that would have raised the mandatory minimum wage.

Source: senate.gov/~smith “Smith on the Issues” Aug 30, 1999

Supports Small Business Protection Act & S-Corp reform

[I support] the Small Business Protection Act, which would extend the research and experimentation tax credit, establish the work opportunity tax credit, and extend tax a credit for employer-provided educational assistance. The law also provides for “S-Corporation” reform, improving access to capital by preserving family-owned businesses and simplifying many of the outdated, unnecessary, and complex rules for S corporations. Source: senate.gov/~smith “Smith on the Issues” Aug 30, 1999

Reduce taxes to promote small business

reducing the capital gains tax
repealing the Federal estate tax, gift tax, and tax on generation-skipping transfers
extending the health benefit tax deduction to self-employed small business owners
restoring 80% deductibility for business meals.

Source: senate.gov/~smith “Smith on the Issues” Aug 30, 1999

Voted YES on restricting rules on personal bankruptcy.

Vote to pass a bill that would require debtors able to repay $10,000 or 25 percent of their debts over five years to file under Chapter 13 bankruptcy (reorganization and repayment) rather than Chapter 7 (full discharge of debt). Reference: Bill HR 333 ; vote number 2001-236 on Jul 17, 2001

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Page last updated: Nov 26, 2010