Rand Paul on Corporations Republican Kentucky Senator

No safety net cuts until corporate welfare is all cut

Some will ask, "But what of the safety net?" I say: We will not cut one penny from the safety net until we've cut every penny from corporate welfare!

So much of Washington's inability to cut waste in government comes from them not doing their job. It has been several decades since Congress passed all the spending bills individually. Instead, the spending bills are lumped together in something that is thousands of pages long. They allow no amendments to cut wasteful spending. Often the bill is plopped on our desk with only a few hours to review. No one, and I mean no one, is able to read what is in the bill. To fix this, I will introduce legislation called "Read the Bills Act." It mandates that Congress wait one day for each 20 pages of legislation.

Most small businesses fail, & government often picks wrong

Government spending doesn't work. It doesn't create jobs. Only the democracy of the marketplace can find those capable of creating jobs.

Cut corporate tax in half to create millions of jobs

Kelo decision was dangerous landmark in US law

In a horrific turn of events for private property owners across the US, the Supreme Court ruled in the favor of the City of New London in the case "Kelo v City of New London". This was a dangerous landmark decision in US law.

Punishing the rich means the poor lose their jobs

When you seek to punish Mr. Exxon Mobil, you punish the secretary who owns Exxon Mobil stock.

When you block the Keystone Pipeline, you punish the welder who works on the pipeline.

Obama's "You didn't build that" insults American workers

The great and abiding lesson of American history, particularly the Cold War, is that the engine of capitalism--the individual--is mightier than any collective. American inventiveness and desire to build developed because we were guaranteed the right to own our success. For most of our history, no one dared tell Americans: "You didn't build that."

When you say they didn't build it, you insult each and every American who ever got up at the crack of dawn. When the president says, "You didn't build that," he is flat out wrong. Businessmen and women did build that. Businessmen and women did earn their success. Without the success of American business, we wouldn't have any roads, or bridges, or schools.

Stop subsidizing profitable large multinational corporations

TRANSCRIPT: I rise today in opposition to corporate welfare. At a time when our country is borrowing over a trillion dollars a year, I think it makes no sense to loan money back to countries we are borrowing from. For example, we borrowed $29 billion from Mexico, and yet we're sending them back $8 billion of the money we borrow from them to subsidize trade. A lot of the subsidized trade goes to very wealthy corporations.

We're not talking about starting new companies for the most part, we're mostly talking about subsidizing very wealthy multinational companies. With the start-up companies the export-import bank is subsidizing [companies that donate to federal officials and Obama].

Expand lending caps for credit unions to small business.

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.

Rated 14% by UFCW, indicating a pro-management voting record.

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.

The UFCW Senate scorecard is based on these key votes:
1. American Jobs Act (+)
2. Balanced Budget Amendment (-)
3. Rejecting Cut, Cap, and Balance (+)
4. Repeal Health Care Law (-)
5. Sen. Am. 14 Wicker Am. to S 223, excluding unionization at TSA (-)
6. Sen. Am. 740 McCain Am. to HR 2112, defunding TAA (-)
7. Trade Adjustment Assistance Extension Act (TAA) (+)

Regulatory relief for smaller banks stimulates growth.

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

Reduce corporate tax rates from 35% to 21% to create jobs.

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 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: