Ruben Gallego on Corporations

Opposed Trump's largest corporate cuts in US history

Taxes: Raise or lower taxes on corporations and wealthier individuals?
• Ruben Gallego (D): Raise. "We need to end the system of tax loopholes and exorbitant giveaways for the rich." Opposed extending the 2017 Trump tax cuts that included the largest corporate cuts in US history and major tax cuts for the wealthy.
• Kari Lake (R): Lower. Would vote to extend the 2017 Trump tax cuts. Source: Guides.vote candidate survey on 2024 Arizona Senate race , Aug 8, 2024

  Deregulating banks encourages discriminatory practices.

  Gallego 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.

  Gallego 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.

Voted YES on corporate transparency.

GovTrack.us Summary: Corporate Transparency Act (CTA): To ensure that persons who form corporations or limited liability companies disclose the owners, in order to prevent exploitation for criminal gain, to assist law enforcement against terrorism, money laundering, and other misconduct.

Statement in support by Rep. Charlie Crist (D-FL-13): This bipartisan bill closes the shell corporation loophole by requiring identification of the actual person or persons who stand to gain financially from the arrangement. `Each year, nearly two million corporations are formed in the U.S., often requiring less information about the owner of than is needed to open a bank account. Unfortunately, this has allowed bad actors to exploit our laws--establishing shell companies that are used as a vehicle for money launderers and human traffickers,` said Rep. Crist.

Statement in opposition by The Heritage Foundation: Under the CTA, religious organizations and charities would be subject to fines unless they file a written certification with the Financial Crimes Enforcement Network. The CTA is easily and lawfully avoided by the sophisticated, and would do virtually nothing to achieve their stated aim of protecting society from illicit finance. The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act [ILLICT CASH Act, the Republican-introduced alternative] makes meaningful improvements to other aspects of anti–money laundering laws.

Legislative outcome: Bill Passed House, 249-173-10 on Rollcall no. 577, Oct. 22, 2019. [The 116th Congress terminated with no Senate action on this bill].