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Ted Budd on Corporations

 

 


Regulatory relief for smaller banks stimulates growth.

Budd voted YEA Banking Bill

Congressional Summary:

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

Source: Congressional vote 16-S2155 on Mar 14, 2018

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

Budd voted YEA Tax Cuts and Jobs Act

Summary by GovTrack.US: (Nov 16, 2017)

Case for voting YES by Heritage Foundation (12/19/17):This is the most sweeping update to the US tax code in more than 30 years. The bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. The bill includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state and local tax deduction, full expensing for five years, and lower individual tax rates.

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:

  • This plan balloons the federal deficit by over $1.5 trillion. Cutting taxes for the rich now means cuts to the federal budget and entitlements later.
  • The bill hampers the booming clean energy economy by ending tax credits for the purchase of electric vehicles and for wind and solar energy.
  • The bill opens up the Arctic Refuge to drilling, a thinly veiled giveaway to the fossil fuel industry.

    Legislative outcome: Passed House, 224-201-7, roll call #699 on 12/20; passed Senate 51-48-1, roll call #323 on 12/20; signed by Pres. Trump on 12/22.

    Source: Congressional vote 17-HR1 on Nov 16, 2017

    Voted NO on removing US forces from Yemen.

    Budd voted NAY Remove US Forces from Hostilities Against Yemen

    Congressional Summary: H.J.Res.37 directs the President to remove U.S. Armed Forces from hostilities in or affecting Yemen within 30 days unless Congress authorizes a later withdrawal date, issues a declaration of war, or specifically authorizes the use of the Armed Forces. Prohibited activities include providing in-flight fueling for non-U.S. aircraft conducting missions as part of the conflict in Yemen.

    Statement in opposition by Rep. Phil Roe (R-TN-1): This legislation would hamper the ability of our military commanders to limit terrorist activity in Yemen, and would create a vacuum for Iran to fill. I believe that the withdrawal of our forces from the region should be done in a way that ensures long term security and stability

    Statement in support by Rep. Adam David Smith (D-WA-9): The civil war in Yemen has led to the world's worst humanitarian crisis with over half of the population facing severe food insecurity and 24 million Yemenis in need of humanitarian assistance. Passage of this resolution in the House sends a clear message to this Administration that Congress does not support de facto support for the Saudi-led coalition in this conflict. The US should be focused on working towards a peaceful resolution to this conflict and taking measures to alleviate the devastating humanitarian situation."

    Statement in opposition by Rep. George Holding (R-NC-02): As part of their expansive campaign to destabilize the region, Iran is providing extensive support and aid to the Houthi rebel forces responsible for precipitating this conflict in the first place. Thankfully, Saudi Arabia has stepped up and taken a key leadership role in combating the Iranian-backed rebels. We should be supporting their efforts.

    Legislative outcome: House Bill Passed 248-177-6 on rollcall #577. No action in Senate [died in Committee].

    Source: Congressional vote 19-HJR37 on Jan 30, 2019

    Voted NO on corporate transparency.

    Budd voted NAY The Corporate Transparency Act

    GovTrack.us Summary: Corporate Transparency Act (CTA): To ensure that persons who form corporations or limited liability companies disclose the owners, in order to prevent exploitation for criminal gain, to assist law enforcement against terrorism, money laundering, and other misconduct.

    Statement in support by Rep. Charlie Crist (D-FL-13): This bipartisan bill closes the shell corporation loophole by requiring identification of the actual person or persons who stand to gain financially from the arrangement. "Each year, nearly two million corporations are formed in the U.S., often requiring less information about the owner of than is needed to open a bank account. Unfortunately, this has allowed bad actors to exploit our laws--establishing shell companies that are used as a vehicle for money launderers and human traffickers," said Rep. Crist.

    Statement in opposition by The Heritage Foundation: Under the CTA, religious organizations and charities would be subject to fines unless they file a written certification with the Financial Crimes Enforcement Network. The CTA is easily and lawfully avoided by the sophisticated, and would do virtually nothing to achieve their stated aim of protecting society from illicit finance. The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act [ILLICT CASH Act, the Republican-introduced alternative] makes meaningful improvements to other aspects of anti–money laundering laws.

    Legislative outcome: Bill Passed House, 249-173-10 on Rollcall no. 577, Oct. 22, 2019. [The 116th Congress terminated with no Senate action on this bill].

    Source: Congressional vote 19-HR2513 on May 3, 2019

    Other candidates on Corporations: Ted Budd on other issues:
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    Page last updated: Jul 11, 2021