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Tim Kaine on Corporations
Democratic Senate Challenger; previously Governor
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Close some gaping loopholes that advantage big corporations
We need to pursue policies that support our small and medium-sized businesses and create a fair regulatory and tax environment that allows them to grow.
Small businesses create more than 70 percent of all new jobs so when they succeed, our economy succeeds.
I will continue looking for ways to streamline regulations and strike the right balance between protecting consumers and our environment while fostering economic growth.
We also need to create a fair tax code that closes some of the gaping loopholes that have allowed large corporations to get an unfair advantage over small businesses.
Source: Kaine's Senate office website, "Workforce"
, Jul 23, 2016
Protect banking industry's ability to serve consumers
Kaine was one of 70 senators who signed a one-page letter asking Consumer Financial Protection Bureau Director Richard Cordray to try to "prevent any unintended consequences that negatively impact community banks and credit unions or unnecessarily limit
Source: Politico.com, "Banking Letter," on 2016 Veepstakes
, Jul 21, 2016
Fix the tax code to help businesses without lobbying clout
The tax code--both corporate and individual--needs to be simpler. The current complexities suggest that the code isn't driven by policy, but instead by the power of special interest lobbying muscle. Since many people--certainly the poor and
working families--can't match the lobbying clout of special interests, the complexities in the individual tax code generally work to benefit others to their disadvantage.
Since many businesses also don't have full-time lobbyists, the complexities in the corporate and individual tax codes generally work to benefit others to their disadvantage. Some small businesses (including the vast majority of farms) are doubly affected
Source: Kaine's Senate office website, during 2016 Veepstakes
, Jul 31, 2013
Auto industry is back; manufacturers are hiring again
Democrats fought for the middle class. We cut taxes for 95 percent of American families. We went from 25 months of job losses to 29 straight months of private-sector job growth.
The auto industry is back. Manufacturers are hiring again, but we've got to do more. And there's a real choice.
Source: 2012 Democratic National Convention speech
, Sep 4, 2012
Regulatory relief for smaller banks stimulates growth.
Kaine voted YEA 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.
Kaine 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.
Source: Congressional vote 17-HR1 on Nov 16, 2017
Restrict corporate use of consumer mandatory arbitration.
Kaine signed restricting corporate use of consumer mandatory arbitration
Excerpts from Letter from 35 Senators to the CFPB: We write to commend the Consumer Financial Protection Bureau (CFPB) for its proposed rule to limit the use of mandatory, pre-dispute (`forced`) arbitration clauses in consumer financial product and service contracts. Every day, Americans across the country are forced to sign away their constitutional right to access the courts as a condition of purchasing common products and services like credit cards, checking accounts, and private student loans. Binding arbitration is a privatized justice system that studies show consistently produces results that favor large corporations and offers no meaningful appeals process. As a result, consumers are left without redress, and companies are unaccountable for their unscrupulous behavior.
Opposing freedom argument: (Cato Institute, `ATLA monopoly,` May 2002): The trial lawyers new goal is to tighten their monopoly grip on the court system, and prevent the rest
of us from choosing a more efficient means of resolving our disputes. Arbitration is simply private court. Lawyers with a vested interest in a monopoly court system are trying to stop the arbitration business from developing. But there`s nothing forced or mandatory about it. Contracts are the result of choice. People should be free to choose for themselves what contracts to make and what rights to give up.
Opposing economic argument: (Heritage Foundation, `The Unfair Attack on Arbitration,` July 17, 2013): Any study by the Consumer Financial Protection Bureau should examine whether a limit on arbitration would:
- Drive up the costs of consumer products;
- Decrease the ability of consumers or businesses to pursue claims, particularly low-value claims;
- Increase the volume of frivolous litigation filed just to obtain settlements; and
- Decrease the availability of consumer products.
Source: Letter to CFPB Director 17LTR-CFPB on Aug 4, 2016
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