Marco Rubio on Corporations Republican Florida Senator

Big corporations gave out bonuses instead of reinvesting

His golden back-story, as a son of poor immigrants, helps with that--and looks more relevant now than ever. "My relatives are firefighters and nurses and teachers and electricians," he says. "These are people who are not all that excited about the new economy."

Regulations favor big banks because small ones can't keep up

Big companies influence government; small businesses can't

RUBIO: First of all, it begins by having leaders that recognize that Now, the big companies that have connections with Washington, they can affect policies to help them, but the small companies, they're the ones that are struggling. The first thing we need to do is we need to even out the tax code for small businesses

Cut corporate tax rate to 25%

Rates for corporations would fall to 25 percent, and they would still be able to deduct the full cost of their capital expenses. Individuals would be subject to just two rates: 15 percent for those earning under $75,000, and 35 percent for those earning above that. Capital gains taxes would be erased.

The banks caused the mortgage crisis and we bailed them out

They don't want to take anything away from the vast majority of Americans in the hard working middle class. But they wonder who's fighting for them. And fighting for the hardworking everyday people of this country who do things right and do not complain. Because our hardworking middle class Is one of the things that makes America different and sets us apart from the rest of the world.

Lower corporate tax rate; it's the highest in the world

Accused of rigging bidding process for Turnpike concessions

I'd seen this kind of fix before on the local level when a bid's specifications are written in such a way that only 1 or 2 companies have a shot at a contract. I agreed to support legislation that required the concessions for food and gas to be bid separately.

The Miami Herald claimed that I had intervened in the bidding process to give an advantage to a friend. Of course, the legislature couldn't award or deny a contract. I felt I was vindicated a few months later when a new contract was awarded to a large Spanish conglomerate.

End double-taxes: capital gains; dividends; & inheritance

• Let's reform the tax code and reduce tax rates across the board.
• Let's eliminate double taxation by abolishing the taxes on capital gains, on dividends, on interest. And while we're at it, let's eliminate the one on death, too.
• Let's significantly lower the corporate tax rates so that once again [America is] competitive with the rest of the world.

Antigambling, based on seeing "another side" as kid in Vegas

2004: Pushed $60M tax subsidy for Marlins baseball stadium

Still, Rubio was intent on trying. He ushered a group of business leaders into Brummer's office, then excused himself. Looking back, Brummer remembers being impressed by Rubio's persistence, and the fact that the younger lawmaker didn't make a scene meant there wouldn't be hard feelings. He got the drill. "There wasn't any cajoling or whining," said Brummer. But there wasn't going to be a ball park deal either.

Accused of sweetheart deal: $200K profit on sale of house

AGREE Act: small business write-offs for capital purchases

He described what really mattered--not an acronym in a city awash with them, but a concept: bipartisan cooperation.

Rubio didn't just say he knew what was in the bill, he got into the details, rattling off something called "the 179 provision." "I don't want to get too technical," he said, before getting technical about the provision, which he explained would extend the ability of small businesses to write off the costs of capital purchases. "That's really important for businesses that are looking to next year's tax uncertainty and saying, well maybe next year's not the right time to invest in our business because we're going to have to pay taxes on this. So I think everybody will like that."

Most countries choose to have government run the economy

Almost every other country in the world chose to have the government run the economy. They chose to allow government to decide which companies survive and fail. They chose to allow government to determine which industries are to be rewarded. But the problem is that when government controls the economy, those who can influence government keep winning, and everybody else just stays the same. In those countries, the employee never becomes the employer, the small business can never compete with a big business, & no matter how hard your parents work or how many sacrifices they make, if you weren't born into the right family in those countries, there's only so far you can go.

Americans have chosen something very different. Americans chose individual liberty instead of the false security of government. Americans chose a limited government that exists to protect our rights, not to grant them.

Businesses need certainty to commit to hiring new workers

Obama favors extending the tax cuts only for households earning less than $250,000, about 98% of all taxpayers. Rubio argued that anything short of extending them for all Americans, poor and wealthy alike, would amount to a tax increase at a particularly vulnerable time. "There's a difference between compromise & cutting a deal," Rubio said. "Compromise is a good thing. Cutting deals in Washington, there's too much of that."

Meek defended Obama's economic strategy. Crist straddled the positions of his rivals, supporting a compromise on the tax cuts

Work across the aisle to make America more business-friendly

RUBIO: Well, partisan gridlock is not something I'm in favor of. But the problem is it depends on what you're standing for. I'd be more than happy to work across the aisle to do things like lower the capital gains tax, lower the corporate tax, flatten the tax rate, lower all of these other taxes that make America increasingly an unfriendly place to do business. And if the Obama administration tomorrow announces that that's their agenda, or the leadership in Congress does, I'll be thrilled to work with them. But what they're attempting to do is to fundamentally redefine the role of government in America, and we can't cooperate with that, because once we cross a certain point, we can't turn back.

Eliminate taxes on capital gains; lower corporate tax rates

Loser pays, to discourage frivolous lawsuits

Loser Pays for Frivolous Lawsuits
• Expand the "loser pays" or "prevailing party" attorneys' fee statutes, strengthen the "offer of judgment" statute, and ensure that any case, claim, or defense not supported by necessary facts or law results in the right to claim attorneys' fees
• Establish a business specialty court
• Economic Civil Rights for Communities
• Institute a pilot program that creates a tax-free zone in Florida's most economically depressed areas

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: