The 1980 Koch-Clark campaign proposed cutting capital gains tax rates in half and eliminating the “windfall profits” tax on oil companies.
Clark-Koch Ticket Wanted to Repeal The “Windfall Profits” Tax On Oil Companies. According to Clark: “5. To increase domestic energy production and reduce consumer prices, Ed Clark will repeal the demagogic, misnamed, “windfall profits” tax. Not a profits tax at all, it is actually an excise tax on domestic oil productions and is more accurately referred to as the crude oil excise tax. Its passage could hardly be considered as part of an energy program; rather, it was a political scheme to get more revenue from the federal government while scoring some political points against the oil companies. A tax on any product usually results in reduced supply and higher prices. This is hardly a rational energy program. Consumers will benefit from the Clark administration’s repeal of the crude oil excise tax.” [Clark For President White Paper On Taxing And Spending Reduction, Page 11, 1980]
The Clark-Koch Ticket Proposed Halving Capital Gains Tax Rate. According to Clark For President White Paper On Taxing And Spending Reduction, Page 10, “This proposal will also cut the capital gains tax in half, a major step toward capital formation and economic growth. When the capital gains tax was increased a few years ago, receipts from the tax actually declined. People made fewer investments in areas subject to capital gains taxation. When the rate was later cut, tax receipts increased, and the U.S. savings rate went up. The rate reduction had a very positive impact on personal savings and investment, producing greater capital formation and economic growth.” [Clark For President White Paper On Taxing And Spending Reduction, Page 10, 1980]
Koch-funded groups and candidates support tax cuts for the wealthy at the expense of the middle class and working families.
AFP Scored At Least Eight Votes Reducing Taxes For The Wealthy As Key Votes. According to AFP’s congressional scorecards for the 111th and 112th Congresses, as well as the AFP Scorecard website, AFP took a position in favor of cutting taxes for the wealthy at least eight times. Six of those are the House and Senate votes on House Budget Committee chairman Paul Ryan’s FY 2012, FY 2013 and FY 2014 budgets – 2013 House vote 88, 2013 Senate vote 46, 2012 House vote 151, 2012 Senate vote 98, 2011 House vote 277 and 2011 Senate vote 87. The seventh was AFP’s backing of the FY 2012 Republican Study Committee budget – 2011 House vote 275 – while the eighth was AFP’s backing of Sen. Pat Toomey’s (R-PA) FY 2013 budget resolution: 2012 Senate vote 99. [AFP Scorecard for the 112th Congress, 2/1/13; AFP Scorecard for the 111th Congress, 1/10/11; AFP Scorecard website, viewed 5/2/14]
In At Least Five Votes, AFP Opposed Raising Taxes On The Wealthy. According to AFP’s congressional scorecards for the 111th and 112th Congresses, AFP took a position against raising taxes on high-income earners at least five times: 2012 Senate vote 184, 2012 Senate vote 251, 2010 Senate vote 258, 2010 Senate vote 259 and 2010 House vote 604. [AFP Scorecard for the 112th Congress, 2/1/13; AFP Scorecard for the 111th Congress, 1/10/11]