Ted Cruz on Corporations
Republican Texas Senator
Free businesses from the CFPB's regulatory blockades
Q: Financial Regulation: Support cutbacks in Consumer Financial Protection Bureau (CFPB)?
Ted Cruz (R): Yes. Abolish CFPB. "Free consumers & small businesses from the CFPB's regulatory blockades. which stunt economic growth."
Beto O'Rourke (D): No. "Protecting consumers from predatory financial behavior & this country from another economic meltdown, should transcend politics."
Source: 2018 CampusElect.org Issue Guide on Texas Senate race
, Oct 9, 2018
End sugar subsidies and corporate welfare
I mention 25 programs that I would eliminate. Among them is corporate welfare, like sugar subsidies. Let's take that as an example. Sugar farmers farm under roughly 0.2% of the farmland in America, and yet they spend 40% of
the lobbying money. That sort of corporate welfare is why we're bankrupting our kids, and grandkids. I would end those subsidies to pay for defending this nation.
Source: Fox Business/WSJ Second Tier debate
, Nov 10, 2015
Business flat tax of 16%; big business same as small
I rolled out my tax plan today. It is a simple flat tax where a family of four pays nothing on the first 36,000. After that, you pay 10 percent of the flat tax going up.
The billionaire and the working man. No hedge fund manager pays less than his secretary. On top of that, there is a business flat tax of 16 percent. That applies universally to giant corporations and to small businesses.
Source: GOP "Your Money/Your Vote" 2015 CNBC 1st-tier debate
, Oct 28, 2015
Slash corporate tax rates to 15 percent
Cruz says he would slash corporate tax rates to 15 percent, and would end some programs like the Export-Import bank and federal subsidies for renewable fuels.
Cruz is a proponent of a simpler tax code (with no IRS). As part of that, he would end some
current tax breaks and lower tax rates. In the case of corporations, he would lower their current maximum rate of 35 percent (with deductions) to 15 percent (with fewer or no deductions).
Source: PBS News Hour "2016 Candidate Stands" series
, Mar 23, 2015
Get senseless obstacles from Washington out of the way
Senator Cruz promised to champion jobs and economic opportunity and get "senseless obstacles from Washington out of the way." He called for repealing President Barack Obama's Affordable Care Act and abolishing the
Internal Revenue Service, joking he would enforce security on the nation's southern border by sending all 110,000 IRS employees there.
Source: Des Moines Register on 2015 Iowa Freedom Summit
, Jan 24, 2015
Regulatory relief for smaller banks stimulates growth.
Cruz voted YEA Banking Bill
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
Source: Congressional vote 16-S2155 on Mar 14, 2018
Reduce corporate tax rates from 35% to 21% to create jobs.
Cruz voted YEA Tax Cuts and Jobs Act
Summary by GovTrack.US: (Nov 16, 2017)
- 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: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.
- 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: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
Other candidates on Corporations:
Ted Cruz on other issues:
George P. Bush
Cristina Tzintzun Ramirez
Senate races 2019-20:
Senate Votes (analysis)
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Page last updated: Dec 06, 2020