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Marco Rubio on Corporations

Republican Florida Senator

 


Big corporations gave out bonuses instead of reinvesting

Most Republican congressmen remain entranced by the limited-government shibboleths, but Rubio's proposal, to double the tax credit to $2,000 per child and pay for it by making a small increase to the corporate rate his party wanted, was decried by some Republicans as socialism. The watered-down version they accepted, as the price of Rubio's support for the bill, excluded the poorest families. "There is still a lot of thinking on the right that if big corporations are happy, they're going to take the money they're saving and reinvest it in American workers," he says. "In fact they bought back shares, a few gave out bonuses; there's no evidence whatsoever that the money's been massively poured back into the American worker."

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."

Source: The Economist on 2020 presidential hopefuls , Apr 26, 2018

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

Do you know why these banks are so big? The government made them big by adding thousands of regulations. The big banks have an army of lawyers and compliance officers. The small banks can't deal with these regulations. The big banks get bigger, the small banks struggle to lend or exist. In Dodd-Frank, you have actually codified too big to fail.
Source: Fox Business/WSJ Second Tier debate , Nov 10, 2015

Big companies influence government; small businesses can't

Q: Please describe one action you would do to make the economic environment more favorable for small businesses and entrepreneurs and anyone dreaming of opening their own business.

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

Source: Fox News/Facebook Top Ten First Tier debate transcript , Aug 6, 2015

Cut corporate tax rate to 25%

Rubio says he would cut corporate taxes to 25 percent, and simplify individual brackets. Rubio proposes to simplify the tax code, outlining his tax reform plan in an op-ed in The Wall Street Journal.

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.

Source: PBS News Hour "2016 Candidate Stands" series , Apr 13, 2015

The banks caused the mortgage crisis and we bailed them out

Many of our hardworking people have seen their jobs wiped out--jobs they've been doing for 20 years disappeared overnight. Many of them do things the right way--for example they pay their mortgages on time. And now when the housing bubble came, they were stuck with the bill. For bailing out the banks that caused it. For bailing out the people took out mortgages they couldn't afford to pay. Everywhere they look, they see trouble around them. They look at Washington DC--every week Washington's creating some sort of man-made crisis for them to worry about.

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.

Source: Speech at 2013 Conservative Political Action Conf. , Mar 14, 2013

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

Simplifying our tax code will help the middle class, because it will make it easier for small businesses to hire and grow. And we agree with the President that we should lower our corporate tax rate, which is one of the highest in the world, so that companies will start bringing their money and their jobs back here from overseas.
Source: GOP Response to 2013 State of the Union Address , Feb 12, 2013

Accused of rigging bidding process for Turnpike concessions

I was accused by the Miami Herald of trying to rig the state bidding process for concessions on Florida's turnpike on behalf of a close, personal friend, Max Alvarez. Max owns dozens of gas stations in Miami. He was concerned that the Florida Department of Transportation had made it impossible for all but the biggest companies to operate gas stations on the turnpike by insisting that companies bid for both gas and food concessions together.

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.

Source: An American Son, by Marco Rubio, p.156-157 , Jun 19, 2012

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

Source: The Rise of Marco Rubio, by Manuel Rogi-Franzia, p.157 , Jun 19, 2012

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

Those years in Las Vegas made an impression on the young Marco Rubio that later helped shape his political philosophy. The Vegas economy relied heavily on gambling, drawing riches form the men and women who flocked there to play the slot or roll dice at the craps table. As a rising politician Marco staked out an antigambling public persona that derived, at least in part, from what he witnessed as a boy. "When he was a kid in Vegas, what he sees is all these jaded women playing slots," a former close associate of Rubio's told me. Once he rose to a leadership position in the Florida legislature, "he would be very emphatic" about his distaste for gambling and would reference his days in Las Vegas. "I've seen another side of gambling," he would say.
Source: The Rise of Marco Rubio, by Manuel Rogi-Franzia, p. 60 , Jun 19, 2012

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

Baseball plays a curious role during Rubio's tenure in Tallahassee. His rhetoric was staunchly small government and low spending, but he was an ardent backer of state money to help the Marlins [MBA baseball team] build a new park: in 2004 he was deeply involved in trying to push a $60 million tax subsidy. That meant he had to get past Fred Brummer, a stubbornly anti-subsidy legislator and certified public accountant from Apopka, a midsize town near Orlando. Brummer detested tax giveaways for sports teams.

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.

Source: The Rise of Marco Rubio, by Manuel Rogi-Franzia, p.119 , Jun 19, 2012

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

Rubio's personal finances were questioned because he made a $200,000 profit selling a house he owned to the mother of a chiropractor who was lobbying for a change in state insurance rules. Rubio had been a holdout, but removed a block on the measure shortly after the home sale and voted for it. Rubio was criticized for failing to disclose a home equity loan he received from US Century Bank, whose chairman, Sergio Pino, was a political supporter. The house had been appraised for $185,000, more than the purchase price just 37 days after he bought it. Rubio's staff said the value jumped because he'd locked in a lower preconstruction price and made improvements. US Century Bank--a large recipient of federal bank bailout money--denied making a sweetheart deal. Crist's supporters pounced on the allegations.
Source: The Rise of Marco Rubio, by Manuel Rogi-Franzia, p.159 , Jun 19, 2012

AGREE Act: small business write-offs for capital purchases

Chris Coons collaborated on a bill they called the AGREE Act, choosing an acronym that left little doubt about the statement they wanted to make about what was happening in Washington. Politico Playbook said, "Do you know what AGREE stands for?" "No," Rubio said. "The actual acronym? No, I don't."

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."

Source: The Rise of Marco Rubio, by Manuel Rogi-Franzia, p.190-192 , Jun 19, 2012

Most countries choose to have government run the economy

What makes America great is that dreams that are impossible to fulfill everywhere else are possible here.

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.

Source: Now Or Never, by Sen. Jim DeMint, p. 39-40 , Jan 10, 2012

Businesses need certainty to commit to hiring new workers

Rubio blamed the Obama administration for creating an atmosphere of uncertainty in which companies can't commit to hiring new workers. Businesses "are afraid of what next year is going to mean in terms of taxes, regulation & health-care," Rubio said. He ruled out any compromise that doesn't extend all the Bush-era tax cuts enacted in 2001 & 2003, which lowered rates on wages & investments for all Americans, and which are due to expire on Dec. 31.

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

Source: Business Week coverage of 2010 Florida Senate debate , Oct 25, 2010

Work across the aisle to make America more business-friendly

Q: You say you will stand up to the Obama agenda and that Gov. Crist won't. You say your favorite senator is Jim DeMint of South Carolina, who opposes the Obama agenda right down the line. Doesn't that, in effect, mean that if you're elected it's more partisan gridlock?

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.

Source: Fox News Sunday 2010 Florida primary Senate debate , Mar 28, 2010

Eliminate taxes on capital gains; lower corporate tax rates

I will support efforts to reduce the tax burden on American workers, entrepreneurs and businesses. This includes: eliminating the Death Tax; eliminating taxes on capital gains, dividends and interest, thereby encouraging greater savings and investment; and making America the most attractive place to do business by lowering corporate tax rates.
Source: 2010 Senate campaign website, www.marcorubio.com, "Issues" , Feb 3, 2010

Loser pays, to discourage frivolous lawsuits

Source: 100 Innovative Ideas for Florida's Future by Marco Rubio , Nov 1, 2006

Rated 14% by UFCW, indicating a pro-management voting record.

Rubio scores 14% by UFCW on labor-management issues

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) (+)
Source: UFCW website 12-UFCW-S on May 2, 2012

Regulatory relief for smaller banks stimulates growth.

Rubio 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.

Rubio 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

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    Page last updated: Jan 11, 2022