Jared Polis on Corporations

	Jared Polis on Corporations

Remove deductions exploited by corporations at our expense

Our tax code gives too much power to the special interests who can afford expensive lobbyists, while forcing ordinary families to pay more. As legislators, I know that many of you find these tax giveaways offensive. Unlike budget expenditures, which you vote on every year, these tax expenditures are on autopilot, some since the 1930s. We need a tax code that reflects today's realities rather than yesterday's distortions. Let people keep more of their hard-earned money rather than give it away to special interests.

The Legislature and the Auditor have gotten off to a good start by closely examining which deductions are benefiting our economy, and which are being exploited by corporations at Coloradans' expense. I want to work with you to close these loopholes and pass the savings on to families by lowering the income tax rate.

Source: 2019 State of the State address to Colorado legislature , Jan 10, 2019

Expand lending caps for credit unions to small business.

Polis co-sponsored Small Business Lending Enhancement Act

Congressional Summary:

Amends the Federal Credit Union Act to limit loans outstanding to either 1.75 times the net worth, or 12.25% of the total assets of the credit union.
Authorizes insured credit unions to make business loans up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria.
Directs the development of a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations.

Supporter`s Comments: (by CUNA, a pro-credit union organization)
America`s small businesses are the engine of growth of our nation`s economy. The effects of the financial crisis of the past few years have spread to all types of lending, resulting in a reduction in the availability of business credit. At a time when banks are withdrawing credit from America`s small businesses, credit unions have actually been expanding credit to small businesses, but with more credit unions approaching the cap, this growth is threatened. Congress should enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions

Opponent`s Comments: (by the Independent Community Banks of America, Nov. 15, 2012)
The tax-subsidized credit union industry is pressing for doubling the statutory cap Congress placed on member business loans. Shifting assets from tax-paying banks to tax-exempt credit unions would reduce tax revenue to the government; the CBO estimates the revenue impact at $354 million over 10 years. We believe that banks are currently meeting the needs of credit-worthy businesses, as substantiated by numerous business surveys.

Source: HR1418 /S2231 12-S2231 on Mar 22, 2012

Rated 100% by UFCW, indicating an anti-management/pro-labor record.

Polis scores 100% 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.

(+) Extension of Trade Adjustment Assistance (TAA)
(+) H. Am. 877 Bishop Am. to HR 3094, penalties for lawsuits against unionization
(+) H. Am. 880 Jackson-Lee Am. to HR 3094, preventing delays in union votes
(-) Middle Class Tax Relief and Job Creation Act, freezing public salaries
(-) Regulation from the Executive in Need of Scrutiny (REINS) Act, for less corporate regulation
(-) Repealing the Job-Killing Health Care Law Act
(-) Workforce Democracy and Fairness Act, letting CEOs fire union organizers

Source: UFCW website 12-UFCW-H on May 2, 2012

Deregulating banks encourages discriminatory practices.

Polis voted NAY Banking Bill

Congressional Summary:

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.

Polis voted NAY Tax Cuts and Jobs Act

Summary by GovTrack.US: (Nov 16, 2017)

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.

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.

Source: Congressional vote 17-HR1 on Nov 16, 2017

Click here for definitions & background information on Corporations. Click here for a summary of all issue stances of Jared Polis. Click here for a Wikipedia profile of Jared Polis. Click here for a Ballotpedia profile of Jared Polis. Click here for VoteMatch responses by Jared Polis. Click here for issue positions of other CO politicians. Click here for CO primary archives. Click here for CO secondary archives.
*Other governors on Corporations:*			*Jared Polis on other issues:*
[Title7]	*Gubernatorial Debates 2023:* KY: Incumbent Andy Beshear(D) vs.State A.G. Daniel Cameron(R) vs.Ambassador Kelly Craft(R) vs.State Auditor Mike Harmon(R) LA: Incumbent John Bel Edwards(D,term-limited) vs.Jeff Landry(R) vs.Shawn Wilson(D) vs.John Schroder(R) vs.Sharon Hewitt(R) MS: Incumbent Tate Reeves(R) vs.Bill Waller(R,withdrew) vs.Brandon Presley(D) *Gubernatorial Debates 2024:* DE: Gov. John Carney (D, term-limited); Lt. Gov. Bethany Hall-Long (D) vs. Matt Meyer (D) IN: Gov. Eric Holcomb (R, term-limited); Sen. Mike Braun (R) vs. Suzanne Crouch (R) vs. Jennifer McCormick (D) MO: Gov. Mike Parson (R, term-limited): Jay Ashcroft (R) vs. Bill Eigel (R) vs. Mike Kehoe (R) vs. Crystal Quade (D) MT: Gov. Greg Gianforte (R) vs. Tanner Smith (R) vs. Ryan Busse (D)	*Gubernatorial Debates 2024 (continued):* NC: Gov. Roy Cooper (D, term-limited); Dale Folwell (R) vs. Michael Morgan (D) vs. Mark Robinson (R) vs. Josh Stein (D) vs. Andy Wells (R) ND: Gov. Doug Burgum (R) vs. State Rep. Rick Becker (R) NH: Gov. Chris Sununu (R, retiring) vs. Sen. Kelly Ayotte (R) vs. Joyce Craig (D) vs. Chuck Morse (R) vs. Cinde Warmington (D) UT: Gov. Spencer Cox (R) vs. State Rep. Phil Lyman (R) VT: Gov. Phil Scott (R) unopposed WA: Gov. Jay Inslee (D, retiring); Hilary Franz (D, withdrew) vs. State Sen. Mark Mullet (D) vs. County Chair Semi Bird (R) vs. WA Attorney General Bob Ferguson (D) WV: Gov. Jim Justice (R, term-limited); vs. WV State Auditor JB McCuskey (R, withdrew) vs. WV Secretary of State Mac Warner (R) vs. State Del. Moore Capito (R) vs. WV Attorney General Patrick Morrisey (R) vs. Huntington Mayor Steve Williams (D)	Abortion Budget/Economy Civil Rights Corporations Crime Drugs Education Energy/Oil Environment Families/Children Foreign Policy Free Trade Govt. Reform Gun Control Health Care Homeland Security Immigration Infrastructure/Technology Jobs Local Issues Principles/Values Social Security Tax Reform War/Iraq/Mideast Welfare/Poverty [Title9]