Feb 23, 2018

Flashback: Democrats’ Support For Lowering Corporate Tax Rate

Post by Freedom Partners

Hard-working taxpayers across the country have continued to feel the benefits of tax reform: higher paychecks, unexpected bonuses and new jobs. And yet, Democrats are still working relentlessly to distort the historic reforms to our tax system as little more than tax breaks for major corporations that have done nothing to help ordinary Americans.

It wasn’t long ago that those very same Democrats were strong supporters of lowering the corporate tax rate. Why? Because a lower corporate tax rate would make America more competitive for jobs and investment.

Sound familiar? That’s because it’s exactly what tax reform supporters have been saying and exactly what’s been happening as a result. The only thing that’s changed is the politics.

Obama Administration

Obama Administration: Cutting The Corporate Tax Rate Would “Put[] The United States In Line With Major Competitor Countries And Encourag[e] Greater Investment Here At Home.” “Cutting the Corporate Tax Rate and Broadening the Tax Base. The Budget would lower the corporate tax rate to 28 percent, with a 25 percent effective rate for domestic manufacturing, putting the United States in line with major competitor countries and encouraging greater investment here at home.” (The Obama White House, “Tax Reform That Promotes Growth And Opportunity,” Medium, 2/2/15)

Sen. Chuck Schumer

THEN: “To Preserve Our International Competitiveness, It Is Imperative We Seek To Reduce The Corporate Rate From 35 Percent … This Will Boost Growth And Encourage More Companies To Invest In The United States.” (“Senator Schumer On U.S. Tax Policy, C-SPAN, 10/9/12, @7:37)

NOW: “Even as corporations plough tens of billions of dollars into share buybacks and stock repurchasing programs instead of raising wages or hiring more workers, President Trump and Congressional Republicans are doing their best to portray their $1.5 trillion corporate giveaway as a boost to working Americans.” (Senator Chuck Schumer, Congressional Record, 2/5/18, p. S596)

Rep. Nancy Pelosi

THEN: “It is long past time for tax reform that would lower the corporate rateclose special interest loopholes, end costly tax expenditures, and ensure all Americans are paying their fair share.” (Press Release, “Pelosi Statement On Treasury Department Action To Limit Corporate Inversions,”Democratic Leader Nancy Pelosi, 4/5/16)

NOW: “Pelosi criticized the Republican tax cut at her weekly press conference on Jan. 11. ‘There is up to at least a $1.3 trillion tax break for corporations unpaid for,’ she said. Her office said she was referring to the cut in the corporate tax rate.” (Eugene Kiely, “Pelosi Inflates Tax Cuts,” FactCheck.org, 1/12/18)

Sen. Claire McCaskill

THEN: “Today I think we are in agreement that the current U.S. tax system is broken and needs reform. Our corporate tax rate is among the highest in the industrialized world. Our worldwide tax system is out of sync with the territorial models our economic peers have implemented.We lag behind other countries in the Organisation for Economic Co-operation and Development (OECD) in the value of the research credits we provide, and we risk losing out as our European allies move forward with new plans to incentivize the flow of intellectual property to their borders.” (“Impact Of The U.S. Tax Code On The Market For Corporate Control And Jobs,” Senate Homeland Security And Government Affairs Permanent Subcommittee On Investigations, 7/30/15, @17:02)

NOW: Republicans “Just Spent A Trillion On Tax Cuts For People Who Don’t Need Them …” (Claire McCaskill Twitter, 12/6/17)

NOW: “Working People In Missouri Deserve Better Than To Get Scraps, While Corporations And Wealthy Business Owners Make Out Like Bandits …” (Press Release, “McCaskill: ‘I Wanted To Support Real Tax Reform. This Isn’t It — This Is A Bad Deal For Missouri Families,’” Senator Claire McCaskill, 11/16/17)

Sen. Joe Donnelly 

THEN: “I Would Support Reducing The Tax On Small Businesses And All Businesses — Corporations — To 25 Percent. And what we’re able to do by that is it’s able to make our companies more competitive and it will help us to be able to bring more businesses right back to our own country. (“Indiana Senate Debate,” C-SPAN, 10/15/12, @11:44)

NOW: The Tax Reform Law Is “A Giveaway To Wall Street And Other Big Money Interests.” (Press Release, “Donnelly Statement On Vote Against Mitch Mcconnell’s Tax Hike Bill,” Senator Joe Donnelly, 12/2/17)

Sen. Heidi Heitkamp

THEN: “We All Know Our Nominal Rate In The Corporate Income Tax Area Is Too High.” (Katie Little, “A Lot Of ‘Locker Room Talk’ In DC: Sen. Corker,” CNBC, 10/17/13)

NOW: “… This Bill Gives Huge, Permanent Tax Cuts To Corporations And Millionaires …” (Senator Heidi Heitkamp Facebook, 12/19/17)

Sen. Sherrod Brown

THEN: “‘Corporate tax reform is necessary to ensure the American economy is the most desirable place in the world for U.S. based companies to invest,’ Brown said. ‘We can do that by closing down tax havens that cost our country revenue and cost American workers jobs.Lowering the corporate tax rate would put companies on a level playing field with foreign competitors and reduce the incentive for them to shift jobs and profits overseas. Creating a global minimum tax rate will level the playing field, raise revenue, and prevent a global race-to-the-bottom.’” (Press Release, “Sen. Brown Announces Plan To Overhaul Corporate Tax Code To Spur Domestic Investment, Create High-Skilled Jobs,” Senator Sherrod Brown, 7/31/13)

NOW: “… With Their New Tax Bill This Year, Senate Republicans Are Giving Corporations And Millionaires A Whole Lot To Be Thankful For.” (Senator Sherrod Brown Twitter, 11/21/17)

NOW: “Tax Bill Takes Healthcare Away From Ohioans To Pay For Handouts To Millionaires, Corporations”. (Press Release, “Brown: Tax Bill Takes Healthcare Away From Ohioans To Pay For Handouts To Millionaires, Corporations,” Senator Sherrod Brown, 12/20/17)

READ MORE: Freedom Partners and Americans for Prosperity memo on the ongoing efforts to obscure the benefits of tax reform

 

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