State of Iowa Archives: on Corporations


Bernie Sanders: If Teddy Roosevelt saw modern banks he'd say "break them up"

Q [to Clinton]: Sen. Sanders recently said, "People should be suspect of candidates who receive large sums of money from Wall Street." You?

CLINTON: You can look at what I did in the Senate. I've laid out a very aggressive plan to rein in Wall Street-- not just the big banks. We have to go after what is called the shadow banking industry. Those hedge funds. I want to look at the whole problem; my proposal is much more comprehensive than anything else that's been put forth.

Q: Sen. Sanders, you said that the donations to Secretary Clinton are compromising. So what did you think of her answer?

SANDERS: Not good enough. Let's not be naive about it. Over her political career has Wall Street been the major campaign contributor to Hillary Clinton? You know, maybe they're dumb and they don't know what they're going to get, but I don't think so. If Teddy Roosevelt, a good Republican, were alive today, you know what he'd say? "Break them up." Reestablish Glass-Steagall. And Teddy Roosevelt is right.

Source: 2015 CBS Democratic primary debate in Iowa Nov 14, 2015

Bernie Sanders: Wall Street will not be in my Cabinet; their model is fraud

Secy. CLINTON: If the big banks don't play by the rules, I will break them up.

SANDERS: With all due respect to the secretary, Wall Street play by the rules? Who are we kidding? The business model of Wall Street is fraud. That's what it is. Let me make this promise. Whether it's Republican administrations or Democratic administrations, we have seen Wall Street and Goldman Sachs dominate administrations. Here's my promise: Wall Street representatives will not be in my cabinet.

CLINTON: I represented Wall Street and I worked closely with New Yorkers after 9/11 to rebuild.

SANDERS: Many of us supported you in trying to rebuild that devastation. But at the end of the day, Wall Street today has enormous economic and political power. Their business model is greed and fraud. And for the sake of our economy, the major banks must be broken up.

Source: 2015 CBS Democratic primary debate in Iowa Nov 14, 2015

Hillary Clinton: AIG & Lehman were not big banks; we needed to bail them out

O'MALLEY: Our economy was wrecked by the big banks of Wall Street. And Secretary Clinton, when you put out your proposal on Wall Street, it was greeted by many as "Weak tea". It is weak tea. It is not what the people expect of our country. We expect that our president will protect the main street economy from excesses on Wall Street. And that's why Bernie's right. We need to reinstate a modern version of Glass-Steagall and we should have done it already.

CLINTON: For me, it is looking at what works and what we need to do to try to move past what happened in '08. And AIG was not a big bank. It had to be bailed out and it nearly destroyed us. Lehman Brothers was not a big bank. It was an investment bank. And its bankruptcy and its failure nearly destroyed us. So I've said, if the big banks don't play by the rules, I will break them up. And I will also go after executives who are responsible for the decisions that have such bad consequences for our country.

Source: 2015 CBS Democratic primary debate in Iowa Nov 14, 2015

Martin O`Malley: It's crony capitalism to bail out banks for bad bets

Q [to Sen. Sanders]: Secy. Clinton says she will break up Wall Street that don't play by the rules.

SANDERS: Wall Street play by the rules? Who are we kidding? The business model of Wall Street is fraud. That's what it is. Wall Street representatives will not be in my cabinet. Wall Street today has enormous economic and political power. Their business model is greed and fraud. And for the sake of our economy, the major banks must be broken up.

O'MALLEY: There is not a serious economist who would disagree that the six big banks of Wall Street have taken on so much power and that all of us are still on the hook to bail them out on their bad bets. That's not capitalism: that's crony capitalism. That's a wonderful business model. If you place bad bets, the taxpayers bail you out. But if you place good ones, you pocket it.

Source: 2015 CBS Democratic primary debate in Iowa Nov 14, 2015

Tom Fiegen: Banks that are too big to fail are too big to exist

Bernie Sanders is absolutely right, too big to fail is too big to exist! We need to break up the big banks and bring back Glass Steagall. As a US Senator, I look forward to working with President Sanders's to re-enact Glass Steagall and break up the big banks.

It is time to break up the largest financial institutions in the country. The six largest financial institutions in this country today hold assets equal to about 60% of the nation's gross domestic product. These six banks issue more than 2/3 of all credit cards and over 35% of all mortgages.

We must break up too-big-to-fail financial institutions. Those institutions received a $700 billion bailout from the US taxpayer, and more than $16 trillion in virtually zero-interest loans from the Federal Reserve. Despite that, financial institutions made over $152 billion in profit in 2014--the most profitable year on record, and three of the four largest financial institutions are 80% bigger today than they were before we bailed them out. ?

Source: 2016 Iowa Senate campaign website, FiegenForUSSenate.com Oct 9, 2015

Tom Fiegen: Disallow corporate tax havens; tax income when earned

I want to end the practice of Congress of selling tax breaks in return for political contributions. If I could single out just one, it is the provision that allows U.S. corporations to earn income abroad and not pay tax on that profit until they bring it back into this country. The estimate was at the start of 2015 that there was over $3 trillion in US corporate profits stashed in tax havens like the Cayman Islands. If that income had been taxed when earned, like domestically earned profits, the Federal government would end the 2015 fiscal year with a $400 billion surplus, instead of a $600 billion deficit.
Source: 2016 Iowa Senate campaign website, FiegenForUSSenate.com Oct 9, 2015

Rick Santorum: Pro-worker Republican; only 10% of Americans own businesses

Rick Santorum described his remarks at the Iowa Freedom Summit as not a stump speech but "a serious talk to serious people" in which the winner of the 2012 Iowa caucuses called on Republicans to re-imagine their party as the party of the working class. "We need to be the party of the worker," Santorum said. "What percentage of American workers own their own business? Less than 10. So when we go out, as we have for years, and we talk about entrepreneurs and businesses, we're talking to 10 percent of the public. And then we wonder why we don't win!"

Santorum received huge applause for decrying the Common Core and touting his last go-around in Iowa. But when he called on his party to become "pro-worker," response ranged from reluctant applause to silence.

Source: Des Moines Register on 2015 Iowa Freedom Summit Jan 24, 2015

Ted Cruz: Get senseless obstacles from Washington out of the way

Senator Cruz promised to champion jobs and economic opportunity and get "senseless obstacles from Washington out of the way." He called for repealing President Barack Obama's Affordable Care Act and abolishing the Internal Revenue Service, joking he would enforce security on the nation's southern border by sending all 110,000 IRS employees there.
Source: Des Moines Register on 2015 Iowa Freedom Summit Jan 24, 2015

Joni Ernst: Eliminate rules which inhibit strong free-market economy

Question topic: Free enterprise and the right to private property turn mankind's natural self interest into the fairest and most productive economic system there is, and are the key to national prosperity.

Ernst: Strongly Agree.

Question topic: Briefly list political or legislative issues of most concern to you.

Ernst: Economy- We must eliminate rules and regulations which inhibit a strong free-market economy, and get spending under control.

Source: Faith2Action iVoterGuide on 2014 Iowa Senate race Sep 30, 2014

Jack Hatch: Focus on small business, not tax incentives to corporations

Branstad said he wanted to come up with a plan for repairing crumbling bridges and roads that didn't include raising the gas tax, which he said would hurt poor Iowans. Branstad also spoke about his efforts to maintain the amount of ethanol in the nation's fuel supply, given Iowa's role as the nation's leading producer of ethanol, a fuel additive primarily made from corn.

Hatch questioned tax cuts the state gave to a fertilizer plant that located in southeast Iowa, asking "why are we giving these kinds of incentives to corporations, instead of looking where job growth really is, it's in the small towns, it's in the small businesses."

Branstad argued that the deal created jobs for state residents. He also attacked the fiscal policies of the previous Democratic governor, seeking to tie Hatch to a leader that he said didn't balance the books.

Source: A.P. on Omaha.com on 2014 Iowa governor race Aug 15, 2014

Sam Clovis: End corporate welfare subsidies & crony capitalism grants

Congress needs to have the discipline to examine and then eliminate at least 50% of the grants and subsidies that comprise unnecessary and damaging market interference. There are over 2000 subsidies and 1000 grant programs that cost American taxpayers some $1.5 Trillion a year. Imagine the effects of allowing markets to work as they should. This corporate welfare, crony capitalism and unjust redistribution of tax dollars should be halted and is the primary responsibility of the Congress. As a senator, I will wage a tireless battle against these programs that reward special interests and punish the American people.
Source: 2014 Senate campaign website, Iowans4SamClovis.com, "Issues" Nov 11, 2013

Herman Cain: Take the capital gains tax rate & repatriation tax to zero

Q: What one specific thing would President Cain do first to restart the economic engine?

A: Make the tax rates permanent. The business sector is the economic engine. You have the group that's talking about spending. You have the group that's talking about cutting. I represent growth. And it starts with the business sector putting fuel in the engine. In addition to that one thing that you asked me to identify, we must have a maximum tax rate for corporations and individuals of 25%, take the capital gains tax rate to zero, take the tax on repatriated profits to zero, make them permanent, and--and then certainty back into this economy. And I believe we can turn it around.

Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa Aug 11, 2011

Herman Cain: Suspend taxes on repatriated profits, permanently

Q: You say that we can boost job creation by eliminating the tax on companies that bring back overseas profits to the US. But when we tried a tax break like this in 2004, companies didn't create jobs. They just paid bigger dividends to their shareholders

CAIN: You're only looking at a small piece of it. It is a combination of things that I indicated. If you just pick out one thing and try just to do that, no, that is not comprehensive. I talked about lowering the top corporate and personal tax rays to 25%, also taking capital gains rates to zero as well as suspending taxes on the repatriated profits. And here's the big one, make them permanent. Uncertainty is what is killing this company. Now if a company were to decide that they want to take some of that money and pay a bigger dividend, so what, it is their money. So I'm not concerned about what they will do with that money if it is allowed to come back. I'm more concerned, bring it back so they will have an incentive to make some growth decisions.

Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa Aug 11, 2011

Jon Huntsman: EPA's regulatory reign of terror prevents building in USA

Q: You said that you helped create thousands of jobs via the Huntsman Corporation. But of the 12,000 workers employed by the company, almost 10,000 were hired in China and India and other places outside the US. Isn't it accurate to say that you've got more experience creating jobs overseas?

A: Huntsman Corp. is a wonderful example of a family entrepreneurial success story: created jobs; left communities a whole lot better than they found them; created a wonderful Huntsman Cancer Institute. But let me tell you the real problem of what we're up against. If you want to build a facility in the US, you can't because of the EPA's regulatory reign of terror. We don't make things anymore in this country. We need to start making things in this country. And in order to do that, we need serious regulatory reform, [including] ending the EPA's regulatory reign of terror. We need to create a more competitive environment that allows our businesses to expand our economic base and create jobs.

Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa Aug 11, 2011

Rick Santorum: Cut corporate tax rate to zero & jobs will come back

Q: [to Pawlenty]: You say your economic plan with tax cuts and spending caps would grow the economy by an average rate of 5% a year for 10 years. With the last two quarters averaging less than 1% growth--is your proposal just pie in the sky?

PAWLENTY: Well, the US needs a growth target, and it needs to be an aggressive and bold growth target.

Q: Gov. Pawlenty says America can quickly grow 5% a year. Is he right?

SANTORUM: America has unbounded potential. And I think putting a limit on that potential, we've grown at faster rates than that. When I grew up, 21% worked in manufacturing. It is now 9%. If you want to know where the middle of America went, it went to China, it went to Malaysia, it went to Indonesia We need to bring it back. I put together a four-point plan to do it. The big thing I proposed is to take the corporate rate which makes us uncompetitive, particularly in exporting goods, take the corporate rate and cut it to zero for manufacturers.

Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa Aug 11, 2011

Terry Branstad: High commercial property taxes mean higher prices

The inability of Senate Democrats to address commercial property taxes means Iowa will continue to have the 2nd highest commercial property taxes in the nation. It will mean residential taxpayers in this state will see historic increases in their property taxes over the next five years as record prices for commodities will trigger a roll up in residential property taxes. I will not let this issue be pushed aside and will take steps to bring it to the Legislature's attention in the future.
Source: 2011 Iowa Gubernatorial press release Jun 30, 2011

Terry Branstad: Reduce state corporate income tax from 12% to 6%

This budget make it clear that Iowa is ready for job creation. We all know that small businesses are the engines of our growth. Yet, our small businesses pay an income tax rate that is highest in the nation at 12%. And our small business pay commercial p
Source: 2011 Iowa State of the State Address Jan 27, 2011

Chris Dodd: Bankruptcy Reform Act hurt working class families

DODD: [to Edwards]: Back in 2001 the congress passed I think one of the worst pieces of legislation of all time: the so called the Bankruptcy Reform Act. Senators Clinton, Biden, and Edwards voted for that bill, which drove a lot of people working class families into poverty, & made it very difficult for them to manage their lives & to get back on their feet again. John, you made a big issue of poverty, something you have dedicated your life to. So could you explain to me why you’d vote for a piece of legislation like that which did so much damage to so many families in our country?

EDWARDS: Yeah, I was wrong. I was wrong and you were right Chris. I should not have voted for that bankruptcy bill. It was a bad, bad piece of legislation. I think any of us who voted for it were wrong to have voted for it. I think there were some good provisions in it but I think on the whole when you look it at it actually did damage to low income families and working families in this country.

Source: 2007 Iowa Brown & Black Presidential Forum Dec 1, 2007

John Edwards: I was wrong to vote for Bankruptcy Reform Act

DODD: [to Edwards]: Back in 2001 the congress passed I think one of the worst pieces of legislation of all time: the so called the Bankruptcy Reform Act. Senators Clinton, Biden, and Edwards voted for that bill, which drove a lot of people working class families into poverty, & made it very difficult for them to manage their lives & to get back on their feet again. John, you made a big issue of poverty, something you have dedicated your life to. So could you explain to me why you’d vote for a piece of legislation like that which did so much damage to so many families in our country?

EDWARDS: Yeah, I was wrong. I was wrong and you were right Chris. I should not have voted for that bankruptcy bill. It was a bad, bad piece of legislation. I think any of us who voted for it were wrong to have voted for it. I think there were some good provisions in it but I think on the whole when you look it at it actually did damage to low income families and working families in this country.

Source: 2007 Iowa Brown & Black Presidential Forum Dec 1, 2007

Art Small: Set up research facilities instead of trying to pick winners

We ought to question whether the state should directly fund individual companies no matter how promising they may appear to be. It is difficult for the state not to play this investment development game because it seems to have become the established practice for firms to get states to bid for such projects. All states “dangle dollars” today.

Another approach that might be considered is that taken many years ago by North Carolina when it set up its Research Triangle Institute Park. It made no attempt to pick winners. Rather, it made land and facilities available in close proximity to its three major universities and developed an administrative structure that encouraged cooperation between the universities and the Institute’s tenants. Research Triangle Institute changed the economic face of North Carolina. Oakdale Research Park in Coralville has used a similar approach on a much smaller scale. Even that small-scale effort has been quite beneficial.

Source: Op-ed piece in Iowa City Press-Citizen Mar 23, 2004

Howard Dean: Regulation of finance companies is the right track

Q: Do you agree with the idea of cracking down on the credit card companies?

A: I do. I don’t know there’s a lot I could do to improve it, except to say this: that in corporate America today, Bush has turned a blind eye to morality. We have lost our moral compass in this country because what business is doing to ordinary people in America. Bush has run this country for the benefit of corporations. Regulation of those finance companies that you’re talking about is exactly the right track.

Source: Iowa Brown and Black Presidential Forum Jan 11, 2004

  • The above quotations are from State of Iowa Politicians: Archives.
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2016 Presidential contenders on Corporations:
  Republicans:
Gov.Jeb Bush(FL)
Dr.Ben Carson(MD)
Gov.Chris Christie(NJ)
Sen.Ted Cruz(TX)
Carly Fiorina(CA)
Gov.Jim Gilmore(VA)
Sen.Lindsey Graham(SC)
Gov.Mike Huckabee(AR)
Gov.Bobby Jindal(LA)
Gov.John Kasich(OH)
Gov.Sarah Palin(AK)
Gov.George Pataki(NY)
Sen.Rand Paul(KY)
Gov.Rick Perry(TX)
Sen.Rob Portman(OH)
Sen.Marco Rubio(FL)
Sen.Rick Santorum(PA)
Donald Trump(NY)
Gov.Scott Walker(WI)
Democrats:
Gov.Lincoln Chafee(RI)
Secy.Hillary Clinton(NY)
V.P.Joe Biden(DE)
Gov.Martin O`Malley(MD)
Sen.Bernie Sanders(VT)
Sen.Elizabeth Warren(MA)
Sen.Jim Webb(VA)

2016 Third Party Candidates:
Gov.Gary Johnson(L-NM)
Roseanne Barr(PF-HI)
Robert Steele(L-NY)
Dr.Jill Stein(G,MA)
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Page last updated: Dec 11, 2015