Kelly Armstrong on Corporations

Cut corporate tax and income tax across the board

• Change highest bracket from $398,350 to $411,500 for individuals [and analogous for other brackets and categories]
• A tax is hereby imposed upon the taxable income of every domestic and foreign corporation [at these new rates]:
• For the first $25,000 of taxable income: decrease the rate from 1.48% to 1.41%
• On all taxable income exceeding $25,000, decrease the rate from 3.73% to 3.55%
• On all taxable income exceeding $50,000 decrease the rate from 4.53% to 4.31%.

Legislative outcome: Bill passed Senate 33-14 on Feb. 18; Armstrong voted YEA; bill passed House 59-32-3 April 17; Governor signed April 23

PVS:Lower corporate taxes promote economic growth.

Project Vote Smart inferred whether candidates agree or disagree with the statement, 'Economy: Do you support lowering corporate taxes as a means of promoting economic growth?' PVS self-description: "The Political Courage Test provides voters with positions on key issues. Historically, candidates have failed to complete our test due to the advice they receive from their advisors and out of fear of negative attack ads."

Voted NO 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].

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