Barack Obama on Corporations Democratic incumbent President; IL Senator (2004-2008)

Sub-sections under Corporations:
• Corporate Bailout
• Voting Record
• Other issues under Corporations

If we had let GM go bankrupt, we'd be buying Chinese cars

OBAMA: Well, Governor Romney's right. You are familiar with jobs being shipped overseas, because you invested in companies that were shipping jobs overseas. And, you know, that's your right. I mean, that's how our free market works. But I've made a different bet on American workers. You know, if we had taken your advice, Governor Romney, about our auto industry, we'd be buying cars from China instead of selling cars to China. If we take your advice with respect to how we change our tax codes so that companies that are in profits overseas don't pay U.S. taxes compared to companies here that are paying taxes, now, that's estimated to create 800,000 jobs. The problem is they won't be here; they'll be in places like China. Now, with respect to what we've done with China already, US exports have doubled, since I came into office, to China.

Lower tax rate to 25% and incentivize investment at home

How do we deal with our tax code? And how do we make sure that we are reducing spending in a responsible way, but also, how do we have enough revenue to make those investments? And this is where there's a difference, because Governor Romney's central economic plan calls for a $5 trillion tax cut--on top of the extension of the Bush tax cuts--that's another trillion dollars--and $2 trillion in additional military spending that the military hasn't asked for. That's $8 trillion. How we pay for that, reduce the deficit, and make the investments that we need to make, without dumping those costs onto middle-class Americans, I think is one of the central questions of this campaign.

End $4B tax break for shipping jobs overseas

ROMNEY: Look, I've been in business for 25 years. I have no idea what you're talking about. I maybe need to get a new accountant. The idea that you get a break for shipping jobs overseas is simply not the case. What we do have right now is a setting where I'd like to bring money from overseas back to this country.

End tax breaks to corporations that ship jobs overseas

You can't build a business on your own; we're in it together

If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads & bridges. If you've got a business--you didn't build that. Somebody else made that happen.

When we succeed, we succeed because of our individual initiative, but also because we do things together. That's how we funded the GI Bill. That's how we created the middle class. That's how we invented the Internet. That's how we sent a man to the moon. We rise or fall together as one nation and as one people, and that's the reason I'm running for President--because I still believe in that idea. You're not on your own, we're in this together.

End deduction for outsourcing jobs; tax outsourcing instead

1. If you're a business that wants to outsource jobs, you shouldn't get a tax deduction for doing it. That money should be used to cover moving expenses for companies that decide to bring jobs home.
2. No American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. From now on, every multinational company should have to pay a basic minimum tax.
3. If you're an American manufacturer, you should get a bigger tax cut. And if you want to relocate in a community that was hit hard when a factory left town, you should get help.

At a certain point, you've made enough money

The Obamas telegraphed their anti-wealth message. As President Obama confessed, "I do think at a certain point you've made enough money," as if it's his or the government's place to decide how hard you work and how much wealth and opportunity you create."

Michelle Obama: Work for community, not corporate America

$4,000 tax credit for companies who hire unemployed workers

Pass this jobs bill, and starting tomorrow, small businesses will get a tax cut if they hire new workers or raise workers' wages. Pass this jobs bill, and companies will get a $4,000 tax credit if they hire anyone who has spent more than six months looking for a job. We have to do more to help the long-term unemployed in their search for work.

Now business can write off the full cost of new investments

We did that in December. Thanks to the tax cuts we passed, Americans' paychecks are a little bigger today. Every business can write off the full cost of new investments that they make this year. And these steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last year.

But we have to do more. These steps we've taken over the last two years may have broken the back of this recession, but to win the future, we'll need to take on challenges that have been decades in the making.

Lower corporate tax rate; pay for it by closing loopholes

[Let's] simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years--without adding to our deficit.

OpEd: Overturn Court's campaign financing ruling in Congress

Even though Obama had ad-libbed "with all due deference to separation of powers" into his prepared text before unloading on the court, this was big-time head-butting between the Executive and Judicial branches of federal government. Some legal authorities worry about this.

In a way, Obama wasn't speaking directly to the court, but to Congress. The president and boosters of campaign finance law want lawmakers to pass something that can limit campaign contributions by corporations while also passing constitutional muster with the high court.

American elections shouldn't be bankrolled by corporations

FactCheck: Many steps until companies can bankroll elections

But it's unclear whether the court's opinion in the case, Citizens United v. Federal Election Commission, will lead to allowing foreign-based corporations to buy campaign ads and engage in other electioneering activities. There is still a law barring foreign corporations from spending money in connection with US elections (see 2 USC 441e(b)(3)), and that's a matter likely to be litigated further. The court's most recent decision explicitly didn't deal with that question. But strictly speaking, Obama couched his claim as something "I believe," making it a statement of opinion and not of fact. So whether his view turns out to be right remains to be seen.

Special interests dominate day-to-day legislative activity

But this anti-corporate rhetoric is precisely the opposite of the reality. In truth, Pres. Obama's policy prescriptions spell profits for the biggest and most well-connected businesses. Just as Pres. George W. Bush, with his bailouts, spending sprees, and new entitlements, abandoned the free market, Obama's vision of bigger government is also the dream of corporate lobbyists.

Source: Obamanomics, by Timothy P. Carney, p. 1-3 , Nov 30, 2009

OpEd: Wall Street wealth comes from increasing gov't role

Federal financial regulation is, for the most part, about boosting "investor confidence." And, even before the bailouts, Washington was funneling money to Wall Street with the combination of high tax rates and IRAs or 401(k)s -"give your money to Morgan Stanley or lose 25% of it." Obama has proposed to make investment in 401(k)s automatic.

So, Wall Street wasn't buying off Obama with those millions in contributions. They were investing in Obamanomics--and that investment is paying off.

No capital gains tax on earnings under $250K

McCAIN: Sen. Obama was in Ohio and he had an encounter with a plumber, his name is Joe. Joe wants to buy the business, but he looked at your tax plan and saw he was going to pay higher taxes, which was going to cause him not to be able to employ people. Joe, I’ll not only help you buy that business you worked your whole life for, I’ll keep your taxes low. I will not stand for a tax increase on small business. And what you want to do to Joe and millions like him is have their taxes increased and not be able to realize the American dream of owning their own business.

High corporate tax rate is offset by numerous loopholes

OBAMA: Here’s what I can tell the American people: 95% of you will get a tax cut. If you make less than $250,000--less than a quarter-million dollars a year--then you will not see one dime’s worth of tax increase. McCain mentioned that business taxes on paper are high in this country, but there are so many loopholes that have been written into the tax code, oftentimes with support of McCain, that we actually see our businesses pay effectively one of the lowest tax rates in the world.

We still need corporate ethics & vigilant government

Enforce against insider trading & market manipulation

In financial markets, Obama believes this means enforcing the laws that prohibit the trading of securities based on insider information.

A just financial system has to enforce laws to prevent insider trading. Similarly, Obama believes there is no place in a just financial system for market manipulation. In a speech in New York, he said, "We must remain vigilant and crack down on trading activity that crosses the line into market manipulation. Reports have circulated in recent days that some traders may have intentionally spread rumors that Bear Stearns was in financial distress while making market bets against the company. The SEC should investigate & punish this kind of market manipulation."

Regulate institutions for what they do, not what they are

1. If you can borrow from the government, you should be subject to government oversight and supervisions.
2. Capital requirements should be strengthened, particularly for complex financial instruments like some of the mortgage securities that led to our current crisis.
3. We need to streamline a framework for overlapping & competing regulatory agencies.
4. We need to regulate institutions for what they do, not what they are. Over the last few years, commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies. It makes no sense.
5. We must remain vigilant and crack down on trading activity that crosses the line to market manipulation.
6. Finally, the American people must be able to trust that their government is looking out for all of us--not just those who donate to political campaigns.

Cap the farm subsidies for Fortune 500 companies

End tax breaks for companies that send jobs overseas

In today’s economy, American workers have to compete against high-skilled workers across the globe. Obama will make long-term investments in education, training, & workforce development so that Americans can leverage our strengths--our ingenuity & entrepreneurialism--to create new high-wage jobs

Hold corporations responsible for pensions & work conditions

Hold Corporate America Responsible:
• Obama joined union efforts to get Wal-Mart & other large employers to improve working conditions, wages & health coverage.
• Obama supports amending bankruptcy laws to keep companies from avoiding their pension obligations.
• Obama supported new rules to force companies to properly fund their pension plans so workers aren’t left without adequate retirement security.
• He has also voted to shore up the funding of the Pension Benefit Guaranty Corporation.

Tax incentives for corporate responsibility

Obama’s “REAL USA” Corporations Plan (Responsible, Accountable, Loyal USA Corporations) will reward companies that create quality jobs in America with tax incentives. Companies will be required to:
1. locate in the United States 90% of its production and employment for the sales of goods and services that are consumed here;
2. invest at least 50% of its R&D budget here in the U.S;
3. make sure their workers have access to affordable health care by providing a standardized and portable health insurance plan and pay at least 70% of the cost;
4. make sure their workers have retirement security by contributing at least 5% of payroll to a portable, multi-employer pension fund and operating a profit-sharing plan for all full time employees; and
5. limit management compensation to 50 times the lowest-paid full-time worker.

Close tax loopholes for US companies relocating abroad

Letting Detroit go bankrupt the Romney way wouldn't work

OBAMA: What Governor Romney said just isn't true. He wanted to take them into bankruptcy without providing them any way to stay open. And we would have lost a million jobs. Don't take my word for it, take the executives at GM and Chrysler, some of whom are Republicans, may even support Governor Romney. But they'll tell you his prescription wasn't going to work.

Toughest reforms on Wall Street since the 1930s

ROMNEY: Well, I would repeal and replace it. We're not going to get rid of all regulation.

OBAMA: The reason we have been in such an enormous economic crisis was prompted by reckless behavior. Does anybody think that there was too much oversight and regulation of Wall Street? Because if you do, then Gov. Romney is your candidate. But that's not what I believe. You had loan officers that were giving loans and mortgages that really shouldn't have been given, because the folks didn't qualify. But you also had banks making money hand over fist, churning out products that the bankers themselves didn't even understand, in order to make big profits, but knowing that it made the entire system vulnerable. So what did we do? We stepped in and had the toughest reforms on Wall Street since the 1930s. In the meantime, by the way, we also made sure that all the help that we provided those banks was paid back every single dime, with interest.

We bailed out auto industry, but today they're back

We bet on American workers. We bet on American ingenuity. And tonight, the American auto industry is back. What's happening in Detroit can happen in other industries. We can't bring back every job that's left our shores. But right now, it's getting more expensive to do business in places like China. Meanwhile, America is more productive. We have a huge opportunity to bring manufacturing back. But we have to seize it.

OpEd: Bailouts of GM & Wall Street are crony capitalism

It's called crony capitalism, and it's something I fought against as governor.

Our reforms helped reduce politicians' ability to play favorites and helped clean up corruption. "Big Oil", including executives and lobbyists of BP, Exxon, Conoco-Phillips, and others, didn't pal around with me, but, then, that was a mutual decision.

Better to force auto bankruptcy than force out of business

Rahm impressed the gathering with his detailed knowledge of which congressional districts in Michigan had which auto plants. "You're always explaining that things are bad, but it's not like the Great Depression," he told the president. "Well, in some of the counties..."

"I know what you're going to say," Obama interjected. "In some of these counties it WILL be like the Great Depression." Obama said, "I've decided. I'm prepared to support Chrysler if we can get the Fiat alliance done." He would give Chrysler thirty days and GM sixty days to reorganize with the help of the task force or face a cutoff of TARP money. He could live with the government's forcing a bankruptcy, but not putting Chrysler out of business altogether.

Bank bonuses while receiving TARP were irresponsible

OpEd: Establish power to seize companies "too big to fail"

Envision the country Barack Obama is creating--the future we have in store if we let him continue to control Congress:
• Inflation will soar--not as a lamentable side effect of our government's policies, but because the government WANTS it, since that's the only way it can pay off its debt.
• Unemployment will stay permanently high--just as it does in Europe--because the government is hogging all the funds needed to create jobs in order to pay for its deficit.
• Confidence in the dollar will ebb so badly that it will no longer be the global currency.
• The government will get the power to seize and reinvent any company it deems insolvent yet "too big to fail."
• The top US tax rate--combined with most states' rates--will reach more than half the income of the productive, entrepreneurial class--shriveling incentive and narcotizing ambition.
• American will lose its remaining manufacturing jobs to Asian nations that don't impose carbon taxes on their industries.

Lend $30B in TARP repayments to small businesses

We should start where most new jobs do--in small businesses, companies that begin when an entrepreneur takes a chance on a dream, or a worker decides it's time she became her own boss. Through sheer grit and determination, these companies have weathered the recession and they're ready to grow. But even though banks on Wall Street are lending again, they're mostly lending to bigger companies. Financing remains difficult for small business-owners, even those that are making a profit.

So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I'm also proposing a new small business tax credit--one that will go to over one million small businesses who hire new workers or raise wages.

We both cut taxes; but McCain offers $200B to corporations

OBAMA: Let me tell you what I’m actually going to do. Tax policy is a major difference between Sen. McCain & myself. We both want to cut taxes; the difference is who we want to cut taxes for. The centerpiece of Sen. McCain’s economic proposal is to provide $200 billion in additional tax breaks to some of the wealthiest corporations in America. Exxon Mobil, and other oil companies, for example, would get an additional $4 billion in tax breaks. About small businesses: not only do 98% of small businesses make less than $250,000 [and hence below my tax increase cutoff], but I also want to give them additional tax breaks, because they are the drivers of the economy. They produce the most jobs.

We need Wall Street responsibility BEFORE financial crises

McCAIN: Sure. But there’s also the issue of responsibility. I’ve been heavily criticized because I called for the resignation of the chairman of the SEC. We’ve got to start also holding people accountable, and we’ve got to reward people who succeed.

OBAMA: McCain’s absolutely right that we need more responsibility, but we need it not just when there is a crisis. We’ve had years in which the reigning economic ideology has been what’s good for Wall Street but not what’s good for Main Street. There are folks out there who have been struggling before this crisis took place. And that’s why it’s so important we look at some of the underlying issues that have led to wages and incomes for ordinary Americans to go down, a health care system that is broken, energy policies that are not working. Unless we are holding ourselves accountable day-in, day-out, not just when there’s a crisis for folks who have power and influence and can hire lobbyists.

REAL USA Plan: Reward companies that create domestic jobs

1. locate in the United States 90% of its production and employment for the sales of goods and services that are consumed here;
2. invest at least 50% of its R&D budget here in the U.S;
3. make sure their workers have access to affordable health care by providing a standardized and portable health insurance plan and pay at least 70% of the cost;
4. make sure their workers have retirement security by contributing at least 5% of payroll to a portable, multi-employer pension fund and operating a profit-sharing plan for all full time employees; and
5. limit management compensation to 50 times the lowest-paid full-time worker.

Voted YES on repealing tax subsidy for companies which move US jobs offshore.

Voted NO on reforming bankruptcy to include means-testing & restrictions.

• Declare a debtor eligible only for Chapter 13, as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income
• Place domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy
• Require debtors to pay for and attend credit counseling prior to filing for bankruptcy
• Cap home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy.

Prevent money laundering by disclosing corporate owners.

A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.