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Tom Coburn on Corporations
Republican Jr Senator; previously Representative (OK-2)
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Top US corporations pay effective tax rate of only 3.3%
Congress's tax code spending spree has created an unfair system in which taxpayers with similar incomes and businesses with similar profits often do not pay similar rates. For example, a recent report found 11 major US corporations with $163 billion in
profits from 2008 to 2010 had effective federal tax liabilities averaging only 3.3%--far below the corporate rate of 35%. In the case of General Electric, the company had a NEGATIVE income tax liability of 61.3%, receiving $4.7 billion from the federal
Treasury over the last 3 years.Many tax preferences are little more than corporate welfare designed to compensate for our country's high tax rate. Inevitably, these exceptions tend to favor those companies and groups with close ties to lawmakers
and access to the most experiences lobbyists. Without such access, small businesses and the middle class often bear the burden of the high standard tax rates while the wealthy receive a vast array of preferences created by Congress.
Source: The Debt Bomb, by Sen. Tom Coburn, p.252-3
, Apr 17, 2012
Voted NO on repealing tax subsidy for companies which move US jobs offshore.
Amendment to repeal the tax subsidy for certain domestic companies which move manufacturing operations and American jobs offshore.
Reference: Tax Subsidy for Domestic Companies Amendment;
Bill S AMDT 210 to S Con Res 18
; vote number 2005-63
on Mar 17, 2005
Voted YES on reforming bankruptcy to include means-testing & restrictions.
Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy) to one under either Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Voting YES would:- Declare a debtor eligible only for Chapter 13, as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income
- Place domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy
- Require debtors to pay for and attend credit counseling prior to filing for bankruptcy
- Cap home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005;
Bill S 256
; vote number 2005-44
on Mar 10, 2005
Rated 17% by UFCW, indicating a pro-management voting record.
Coburn scores 17% by UFCW on labor-management issues
The United Food and Commercial Workers International Union (UFCW) is North America's Neighborhood Union--1.3 million members with UFCW locals in all 50 states, Puerto Rico and Canada. Our members work in supermarkets, drug stores, retail stores, meatpacking and meat processing plants, food processing plants, and manufacturing workers who make everything from fertilizer to shoes. We number over 60,000 strong with 25,000 workers in chemical production and 20,000 who work in garment and textile industries.
The UFCW Senate scorecard is based on these key votes: - American Jobs Act (+)
- Balanced Budget Amendment (-)
- Rejecting Cut, Cap, and Balance (+)
- Repeal Health Care Law (-)
- Sen. Am. 14 Wicker Am. to S 223, excluding unionization at TSA (-)
- Sen. Am. 740 McCain Am. to HR 2112, defunding TAA (-)
- Trade Adjustment Assistance Extension Act (TAA) (+)
Source: UFCW website 12-UFCW-S on May 2, 2012
Page last updated: May 02, 2016