State of Pennsylvania secondary Archives: on Corporations
Micro-lending guarantees for inner-city small business
Ensure there is a bank at every neighborhood crossroad. Next Street Financial offers a compelling model for how to connect small businesses with institutions that can help them get big things done in inner-city economies:
Provide access to capital
and credit for small businesses by:
Source: 2016 Pennsylvania House campaign website DwightEvans.com
Nov 8, 2016
- Providing loan guarantees for private banks to loan to struggling small businesses.
- Establish a nationwide Capital Access Program (CAP) to encourage banks to make loans available to small businesses.
Create a micro-lending fund to make capital available to businesses that do not have access to the traditional commercial banking sector.
- Institute a revolving loan fund to provide matching funds to companies and property owners seeking to
renovate existing properties.
- Launch early-stage seed financing programs to help entrepreneurs to protect their intellectual property, refine technologies, and write business plans.
Support Consumer Financial Protection Bureau against banks
McGinty took issue with Toomey's efforts in Congress to change the oversight of the 5-year-old Consumer Financial Protection Bureau, a federal office created to protect consumers in financial dealings with banks. The agency is in the news after it
levied its highest-ever fine on Wells Fargo bank last week. The bank said it will pay a $100 million fine over allegations its employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.
"We're here to call on Pat Toomey to change his tune and for once stand with consumers instead of just with the big banks," McGinty said. "This is yet another instance where his loyalties remain with his colleagues and partners and employers in the
big banks instead of his own constituents."
Asked about the bureau, Toomey said fraud can be prosecuted without inventing the agency, and he criticized its leadership structure as unusually unaccountable for such a powerful federal agency.
Source: The Morning Call on 2016 Pennsylvania Senate debate
Sep 12, 2016
AdWatch: Fights against corporate welfare & giant handouts
Pat Toomey and Katie McGinty tangled over the use of corn ethanol in motor fuel and post-recession bank regulations as they try to show that the other favors big corporations over regular people.
Anti-Wall Street and anti-corporate themes have
coursed through TV ads in Pennsylvania's neck-and-neck Senate race, while both Toomey and McGinty have tried to position themselves as a fighter for the middle class.
Democrats have labeled Toomey as a "millionaire" former investment banker who defends tax subsidies for oil exploration companies and advances Wall Street's agenda in the Senate. In turn, a new Toomey campaign
TV ad says the freshman senator "fights against corporate welfare, big bank bailouts and giant corporate handouts" while saying McGinty "gamed the corporate welfare system to line her own pockets."
Source: The Morning Call AdWatch on 2016 Pennsylvania Senate race
Sep 12, 2016
Small manufacturing is on cusp of a comeback, if helped
Joe Sestak talked about supporting small businesses with more loan assistance, better job-retraining programs, and a faster path through the patent-approval process. At a machine shop, Sestak focused his comments on smaller manufacturers like Atlas.
Waving a copy of his new book detailing his policy positions, Sestak told the small crowd that he believes American manufacturing is "on the cusp of a comeback."
But small businesses need more help accessing capital through the Small Business Administration, he said, particularly those in rural areas and veteran-owned businesses.
Reducing regulations on smaller companies and providing more money for infrastructure repairs also could boost job growth, Sestak added.
Source: Mcall.com coverage of 2016 Pennsylvania Senate race
May 7, 2015
Lower corporate tax rate by 50%, and close loopholes
Today, the corporate net income tax rate in Pennsylvania is 9.99 percent--one of the highest in the country. That is appalling. That is driving jobs out of our state.
At the same time, loopholes in that tax code allow many companies to avoid paying
state income taxes altogether. Because of these loopholes, more than 70 percent of companies that do business in Pennsylvania do not pay corporate net income taxes at all. That forces more of the burden onto small businesses and families across our state
In other words, the problem is not only that our corporate net income tax rate is too high. The problem is that we are not even seeing the revenues the tax is supposed to generate. It is the worst of both possible worlds.
My budget will close the
Delaware loophole and cut the corporate net income tax rate by 40 percent in the first year and 50 percent by 2018. That will take us from the one of the highest in the country to one of the lowest in the country.
Source: State of the State address to 2015 Pennsylvania Legislature
Mar 3, 2015
Expand the reach of the corporate net income tax
All four candidates would expand the reach of the corporate net income tax by requiring combined reporting. McGinty would seek to impose a "reasonable" severance tax on natural gas extraction. Would seek to increase Pennsylvania's income-tax exemption
to allow as many as 200,000 additional households to qualify for refunds or reductions, which are based on income and family size. Would seek to impose an excise tax on the sale of cigars and smokeless tobacco.
Source: Washington Times on 2014 Pennsylvania governor race
May 17, 2014
End antiquated system of state-owned liquor stores
We have to reform our antiquated system of state-owned liquor stores. Our own people don't think much of the system, either, because it's inconvenient and they don't appreciate paying monopoly prices. About the only ones who do like it are the stores in
NJ, DE, and MD that pick up the extra business.
Pennsylvania loses about $80 million a year that would otherwise be spent here. So here's a thought, let's make 2014 'last call' for state-controlled liquor in Pennsylvania.
Source: 2014 State of the State speech to Pennsylvania legislature
Feb 4, 2014
Give up on privatizing state lottery program
Gov. Tom Corbett said he won't pursue a controversial plan to privatize the Keystone State's lottery program. Corbett had been pursuing a deal that would have handed the state lottery over to Camelot Global Services, a British firm, in exchange for $34
billion over 20 years. Camelot was the only bidder for the project.
But lawmakers, unions and watchdog groups criticized the deal. The state's Attorney General said last year the plan violated the Commonwealth's constitution, and a union that
represents lottery workers has filed a lawsuit to stop the deal.
The Pennsylvania lottery, which funds programs for the elderly, generated almost $3.7 billion in sales last year. The proposed contract would have seen Camelot making annual payments,
even if revenue fell short of a set limit. Corbett made the case that signing the deal would have led to a reliable, predictable revenue stream. But public watchdogs said that doesn't justify outsourcing profits to a private company.
Source: Washington Post on 2014 Pennsylvania governor race
Jan 2, 2014
We have grown our economy by cutting business taxes
Over the last seven years, together, we have worked hard to reduce the size and the cost of state government, to cut wasteful spending, to make historic investments in public education as a cornerstone of economic development, and to reduce property taxe
for all Pennsylvanians. We have grown our economy by cutting business taxes, and by making smart investments that have leveraged billions of dollars in private investment to create jobs and opportunity for our citizens.
Source: Pennsylvania 2010 State of the State Address
Feb 9, 2010
Page last updated: Feb 24, 2017