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Bass Voted For Tax Breaks for Overseas Corporations. Bass Voted for legislation that included a $6.5 billion tax break extension for financial corporations with overseas operations. Under current law, U.S. firms are taxed on some types of income earned by foreign corporations that they control, regardless of whether the income is distributed back to the United States. A temporary provision, due to expire in 2002, exempted income earned in banking, finance, and insurance from these rules. The Legislation Bass voted for extended the exemption for an additional five years. [Vote #509, 12/19/01; CBPP "New House Stimulus Proposal Dominated By Multi-Year Or Permanent Tax Cuts," 12/21/01] In 2004, Bass also voted against an alternative version to the corporate tax bill that would have eliminated certain tax provisions, including denying some tax benefits to domestic corporations that reincorporate overseas to avoid U.S. income taxes. [Vote 258, 6/17/04]
Bass Released A Statement In Support Of TARP. From the 2008 press release, "Today, the Republican Main Street Partnership, the largest organization of elected centrists in the country, praised its members for making the difference in passing the Emergency Economic Stabilization Act. 'Today, centrist Republicans put aside election year politics and put the American people first,' said former U.S. Rep. Charles F. Bass, President and CEO of Main Street. 'Thanks to centrist Republicans, legislation is headed to the President's desk that will provide stability to our financial markets and will jump start our economy.'" [Republican Main Street Partnership, Release, 10/3/08]
Bass Voted To Deregulate Wall Street Banks. Congressman Bass voted to pass "The Financial Services Act of 1999," or the Gramm-Leach-Bliley Act, which deregulated the banking industry and many believe played a critical role in causing the subprime mortgage crisis and the broader economic collapse of 2008. [H.R. 10, vote #276, 7/1/1999; House Vote 570, 11/4/99]
Bass Voted for Commodity Futures Modernization Act, Which Allowed Credit Default Swaps to Continue to be Conducted Without Any Oversight or Regulation. [House Vote #503, 12/15/00]