George Holding (NC-02): Swamp Creature

GEORGE HOLDING (NC-02) Swamp Creature | 1

Significant Findings

 Holding took three privately funded trips worth over $40,000 since taking office, in addition to 15 taxpayer funded trips worth more than $100,000.

 Holding even traveled during recess while other members held town halls with their constituents, and called town halls a waste.

 Holding voted to help out his family’s bank, in which he also had a significant financial interest.

 Holding owned between $1 million and $5 million in First Citizens Bank shares and First Citizens Bank’s PAC donated $4,000 to Holding.

 Holding voted against funding for investigations similar to the one targeting his family’s bank.

 Holding repeatedly voted to make it more difficult to enforce fair housing claims.

 Holding and his family’s real estate partnership would benefit from his vote for the Republican tax scam.

 8,510 millionaires in North Carolina, likely including Holding, would receive more than 51 percent of the Republican bill’s benefits.

 The Republican tax bill had a specific loophole that would benefit Holding’s income from his real estate partnership – in 2017 alone, Holding made between $15,001 and $50,000 from the partnership.

 Holding has made at least $100,000 from the pharmaceutical industry and he voted for the Republican tax scam that was a “major victory for pharma investors.”

 Holding has made more than $80,000 from his energy company assets and voted to protect oil and gas company interests.

 Holding was an ineffective and absent representative for his constituents.

 Holding owned a condo in DC.

 Holding called town halls a waste and “opportunities to protest.”

 Only two of Holding’s sponsored bills have become law; overall, Holding consistently sponsored or co-sponsored fewer bills that most of the North Carolina delegation.

GEORGE HOLDING (NC-02) Swamp Creature | 2

Biography

George Holding is a Member of Congress representing North Carolina’s 2nd Congressional District and has served in that position since 2013.

 Born April 17, 1968 in Raleigh, North Carolina  Education: Wake Forest University, B.A. (1991); University of St. Andrews (1991-1992); Wake Forest University, J.D. 1996)  Was an aide to Sen. Jesse Helms (1998-2002)  Served as U.S. Attorney for the Eastern District of North Carolina (2006- 2011), and prosecuted former Sen. John Edwards

Holding Benefitted From The Perks Of Congress

Holding Has Received $870,000 In Taxpayer Funded Salary

Holding receives a Congressional salary of $174,000. Over his four years served in Congress, Holding has received a total of $870,000 in taxpayer-funded salary.

Year Congressional Salary 2013 $174,000 2014 $174,000 2015 $174,000 2016 $174,000 2017 $174,000 TOTAL $870,000 [Congressional Research Service, 6/21/16]

Holding Voted To Raise His Own Pay

2015: Holding Voted Against Passage Of An Appropriations Bill That Banned A COLA For Members Of Congress For 2016. In December 2015, Holding voted against: “Rogers, R-Ky., motion to concur in the Senate amendment to the bill with an amendment that would provide $1.15 trillion in discretionary appropriations through Sept. 30, 2016 for federal departments and agencies covered by the fiscal 2016 spending bills. Included in that total is: $21.75 billion for Agriculture, $55.7 billion for Commerce-Justice-Science, $572.7 billion for Defense, $37.2 billion for Energy-Water, $23.2 billion for Financial Services, $41 billion for Homeland Security, $32.2 billion for Interior-Environment, $162.1 billion for Labor-HHS-Education, $4.4 billion for Legislative, $79.9 billion Military Construction-Veterans Affairs, $52.8 billion for State-Foreign Operations, and $114 billion for Transportation- HUD. The measure would end the U.S. ban on crude oil exports and would reauthorize health care and victim compensation programs for 9/11 first-responders.” A vote yes was a vote to block a pay increase. The motion passed by a vote of 316-113. [CQ, 12/18/15; HR 2029, Vote #705, 12/18/15]

2013: Holding Voted Against Continuing Appropriations That Blocked COLA For Members. In May 2014, Holding voted against: “Passage of the bill that would provide $3.3 billion for legislative branch operations, excluding Senate operations, in fiscal 2015. The total would include $1.2 billion for House operations, $595 million for the Library of Congress, $519.6 million for the Government Accountability Office, $488.6 million for the Architect of the Capitol and $348 million for the Capitol Police.” According to the Congressional Research Service, “The Continuing Appropriations Act, 2014 (P.L. 113-46, Section 146, enacted October 17, 2013), prohibited the GEORGE HOLDING (NC-02) Swamp Creature | 3 scheduled 2014 pay adjustment for Members of Congress.” A vote yes was a vote to block pay increases. The bill passed 285-144. [CRS, 6/21/16; CQ, 10/16/13; HR2775, Vote #550, 10/16/13]

NOTE: When using this research, keep in mind that Holding has also voted on various occasions against raising his own pay.

Holding Would Receive $17,748 Per Year In Taxpayer Funded Pension

According to the Office of Personnel Management, a “Member of Congress or Congressional Employee (or any combination of the two) must have at least 5 years of service as a Member of Congress and/or Congressional Employee” to qualify for their retirement annuity.

The annual pension is calculated as “1.7% of your high-3 average salary multiplied by your years of service as a Member of Congress or Congressional Employee which do not exceed 20, PLUS 1% of your high-3 average salary multiplied by your years of other service.” [Office of Personnel Management, accessed 7/18/17]

For Members who joined after 1991, the annual pension is calculated as:

[The Atlantic, 10/2/15; Congressional Research Service, 11/10/16]

For any current Member eligible for their pension, their High-3 would be $174,000, making the formula:

[$174,000 x .017 x Years of Service (Max 20)] + [$174,0000 x .01 x (Years of Service Over 20)] = Annual Pension [$174,000 x .017 x Years of Service (6) = $17,748] + [$174,0000 x .01 x (0) = $0] = Annual Pension = $17,748

If Holding retired at the end of his current term, he would receive $17,748 in annual taxpayer-funded pension.

Holding’s Net Worth Ranked 46th In The U.S. House of Representatives

According To The Center For Responsive Politics, Holding’s Net Worth Ranked 46th In The House. When Holding first took office, his net worth was an estimated $5.88 million. Between 2013 and 2016, his net worth fluctuated between $6.57 million and $4.855 million. [Center for Responsive Politics, accessed 6/27/18]

[Center for Responsive Politics, accessed 6/27/18]

GEORGE HOLDING (NC-02) Swamp Creature | 4

Much Of Holding’s Money Was Inherited From His Family, Which Owned The Controlling Stake In The Parent Company Of First Citizens Bank. “How he earned it: Holding, a former U.S. Attorney, has inherited much of his wealth from his family, which controls the parent company of First Citizens Bank. He has also made money working in private practice as an attorney.” [Business Insider, 1/18/13]

Holding Pushed For Elimination Of The Estate Tax: “Hey, It Benefits Everybody… I Sure Do Wish We Had The Elimination Of The Inheritance Tax When My Father Died Back When I Was 10 Years Old And He Was 54 Years Old And He Was Chairman Of A Bank.” “The bill would eliminate the estate tax, a change that would be a boon to the nation’s wealthiest families. Holding fought for the elimination of the gift tax, which taxes gifts of more than $14,000 in a year. When asked about the perception that the bill helps wealthy families like his own, Holding didn’t dispute it. ‘Hey, it benefits everybody,’ he said. ‘I sure do wish we had the elimination of the inheritance tax when my father died back when I was 10 years old and he was 54 years old and he was chairman of a bank. A great deal of the wealth that he had accumulated went to the federal government. So I feel like I’m a day late and a dollar short achieving that.’” [McClatchy, 11/7/17]

Even Before The 2018 Republican Tax Bill, Only The 0.1% Wealthiest Estates Paid An Estate Tax. “Only 1 out of every 700 deaths results in paying the federal estate tax today. The vast majority of estates — 99.9% — do not pay federal estate taxes.” [Americans For Tax Fairness, 2014]

Holding Has Received Over $100,000 In Taxpayer-Funded Travel To More Than 20 Countries

2013 – 2018: Holding Has Received Over $100,000 In Taxpayer-Funded Travel To More Than 20 Countries. [Political Money Line, George E Holding, accessed 8/30/18]

Taxpayer-Funded Travel Year Sponsor Country Dates Amount 2018 COMMITTEE ON WAYS AND MEANS Italy, Botswana, 5/25/2018 - 6/2/2018 $6,079 Mozambique, Angola, Sierra Leone 2018 COMMITTEE ON WAYS AND MEANS Israel 5/11/2018 - 5/15/2018 $1,040 2018 COMMITTEE ON WAYS AND MEANS West Africa, Europe 4/3/2018 - 4/9/2018 $11,038 2018 DELEGATION TO UNITED KINGDOM United Kingdom 2/18/2018 - 2/24/2018 $3,680 2017 COMMITTEE ON WAYS AND MEANS Jordan, Israel 5/27/2017 - 6/1/2017 $12,326 2017 COMMITTEE ON WAYS AND MEANS United Kingdom, India, Sri 2/18/2017 - 2/26/2017 $2,254 Lanka, Austria 2017 COMMITTEE ON WAYS AND MEANS Switzerland 1/15/2017 - 1/19/2017 $3,330 2015 COMMITTEE ON WAYS AND MEANS Vietnam, Singapore, 10/11/2015 - 10/17/2015 $2,134 Malaysia, The Philippines 2015 DELEGATION TO LATVIA Latvia 6/27/2015 - 6/29/2015 $3,734 2015 COMMITTEE ON WAYS AND MEANS Europe 5/7/2015 - 5/10/2015 $2,751 2015 DELEGATION TO THE UNITED United Kingdom, Jordan 3/27/2015 - 3/30/2015 $7,011 KINGDOM, JORDAN, KUWAIT, IRAQ, SAUDI ARABIA, ISRAEL, SPAIN 2015 DELEGATION TO SWITZERLAND Switzerland 1/23/2015 - 1/25/2015 $13,748 2014 COMMITTEE ON THE JUDICIARY England 12/13/2014 - 12/16/2014 $1,614 2014 COMMITTEE ON FOREIGN AFFAIRS Turkey, Iraq 9/24/2014 - 9/27/2014 $14,696 2014 COMMITTEE ON THE JUDICIARY China 8/2/2014 - 8/10/2014 $647 2014 DELEGATION TO UNITED KINGDOM United Kingdom 3/19/2014 - 3/23/2014 $3,684 2013 COMMITTEE ON FOREIGN AFFAIRS India 12/15/2013 - 12/20/2013 $13,463 2013 DELEGATION TO UNITED KINGDOM United Kingdom 4/16/2013 - 4/18/2013 $2,285 [Political Money Line, George E Holding, accessed 8/30/18] GEORGE HOLDING (NC-02) Swamp Creature | 5

Holding Received At Least $40,524 In Privately Funded Travel

Holding Received At Least $40,542 In Privately Funded Travel. As of June 2018, Holding had gone on 3 privately funded trips, receiving at least $40,524 in travel. [Political Moneyline, accessed 6/27/18]

Holding’s Privately Funded Travel Dates Destination(s) Total Amount 2/14 - 2/21/2015 Tokyo, Japan, Hiroshima, Japan, Iwakuni, Japan $22,591 8/10 - 8/16/2013 Jerusalem, Israel $17,933 4/27 - 5/1/2013 Turkey Not Specified

Total: $40,524 [Political Moneyline, accessed 6/27/18]

Holding Consistently Voted For Trump-Ryan Agenda

Holding Has Voted With Donald Trump 92.2% Of The Time

FiveThirtyEight: Holding Has Voted With Trump 92.2% Of The Time. According to FiveThirtyEight, as of September 2018, Holding had voted with President Trump 92.2% of the time. [FiveThirtyEight, updated 9/4/18]

Holding Has Voted With His Party 98% Of The Time

Holding Has Voted With The Republican Party 98% Of The Time. According to CQ, over his career, Holding has voted with other members of the Republican Caucus 98% of the time. [CQ Vote Studies, accessed 9/4/18]

Party Unity Year Support Oppose 2017 96% 4% 2016 98% 1% 2015 99% 1% 2014 99% 1% 2013 98% 2% Lifetime Average 98% 2% [CQ Vote Study, accessed 9/4/18]

Holding Voted With Paul Ryan 93% Of The Time

Holding Voted With Ryan 93% Of The Time. According to ProPublica, over his career, Holding has voted with Speaker Ryan 93% of the time. [ProPublica, accessed 9/4/18]

Vote Comparison Congress Total Votes Votes Disagreeing Percent Agreement 115th 23 5 78% 114th 572 44 92% 113th 1169 77 93% Lifetime Average 1764 126 93% [ProPublica, accessed 9/4/18]

GEORGE HOLDING (NC-02) Swamp Creature | 6

Funded By Republican Leadership, Receiving $23,012 From Paul Ryan

Over his career, Holding has received $23,012 in donations from Paul Ryan and his associated entities:

Donations From Paul Ryan Date Candidate/Committee Amount 2/13/18 Prosperity Action, Inc. $5,000 9/30/17 Prosperity Action, Inc. $5,000 10/18/16 Prosperity Action, Inc. $5,000 5/12/15 Prosperity Action, Inc. $3,012 8/8/12 Prosperity PAC $5,000 Total $23,012 [FEC, accessed 9/4/18]

Voted To Elect Paul Ryan Speaker Of The House

2017: Voted To Make Rep. Paul Ryan Speaker Of The House. In January 2017, Holding voted for Paul Ryan to be Speaker of the House. Ryan was elected by a vote of 239-189. [Election to the Speaker, Vote #2, 1/3/17; CQ, 1/3/17]

2015: Voted To Make Rep. Paul Ryan Speaker Of The House. In October 2015, Holding voted for Rep. Paul Ryan to be Speaker of the House. Paul Ryan received 236 votes, Nancy Pelosi received 184 votes, and Daniel Webster received 9 votes. [Election to the Speaker, Vote #581, 10/29/15]

Holding Supported Donald Trump

Holding Supported Trump

May 2016: Holding: “I Want (Trump) To Be Successful And I’ll Do My Part (To Make Sure) He’s Successful.” “Rep. George Holding, R-N.C., told McClatchy that Hillary Clinton would damage the country and he wants Trump to win. ‘I have said from the get-go I would support the nominee. . . . I want (Trump) to be successful and I’ll do my part (to make sure) he’s successful.’” [McClathy DC Bureau, 5/10/16]

… But Did Not Earn Trump’s Endorsement In His 2016 Republican Primary

Holding Defeated A Primary Opponent, Rep. Renee Ellmers, Who Was Backed By Trump. “U.S. Rep. George Holding of Raleigh defeated a fellow incumbent to win a third term in one of the most-watched congressional primaries in the nation. Rep. Renee Ellmers’ defeat marks a major fall for a politician who was once a television political show staple and who worked to recruit Republican women to run for office. Holding presented himself as more conservative than Ellmers. […] Attacked by opponents as being too close to the U.S. House leadership, Ellmers became an outspoken supporter of presumptive GOP presidential nominee Donald Trump. Ellmers announced Saturday that Trump had endorsed her and recorded a robo-call for her as she seeks a fourth term.” [Charlotte Observer, 6/7/17]

Holding Voted To Look Out For Himself

Holding Voted To Help Out His Family’s Bank, In Which He Also Had A Vested Financial Interest

GEORGE HOLDING (NC-02) Swamp Creature | 7

Holding Voted Against Funding For Investigations Similar To The One Targeting His Family’s Bank, First Citizens Bank & Trust

2015: Holding Voted To Block Funding For Investigations Related To Potentially Discriminatory Business Policies. “During the summer of 2015, George Holding and other congressional Republicans voted on a series of amendments blocking funding to the U.S. Department of Justice and U.S. Department of Housing and Urban Development. The amendments forbid funding for investigations brought under a theory called "disparate impact," which is used to bring cases when potentially discriminatory business policies are not openly racial, but their results clearly show disparate impacts on minorities.” [WRAL, 8/23/17]

At The Same Time He Voted To Block Funding, First Citizens Bank & Trust The Subject Of A HUD Inquiry Into Potential Discriminatory Practices. “At the time, First Citizens Bank & Trust was the subject of a HUD inquiry into whether the bank discriminated against minority loan applicants. The case against was investigated both under the theory of disparate impact as well as a methodology that looked at actual intent, the department said. The case settled in 2016 without the bank admitting guilt and with HUD agreeing that the settlement wouldn't constitute evidence of a violation. The settlement called for new training procedures at the bank and the hiring of at least three specialists to focus on diverse lending.” [WRAL, 8/23/17]

First Citizens Bank Was Owned By Holding’s Cousin Frank. “Holding said the measures were broad in effect, affecting a number of industries the same way they were likely to affect First Citizens Bank & Trust, where his cousin, Frank, is chairman and chief executive.” [WRAL, 8/23/17]

Holding Owned Between $1 Million And $5 Million In First Citizens Shares

2015: Holding Owned Between $1 Million And $5 Million In First Citizens Shares. [Holding 2015 Financial Disclosure Report, filed 5/16/16]

First Citizens Bank’s PAC Donated $4,000 To Holding

2014: First Citizens Bancshares PAC Donated $2,000 To Holding. [FEC.gov, 9/10/14, 3/11/13]

2012: First Citizens Bancshares PAC Donated $2,000 To Holding. [FEC.gov, 9/10/12]

Holding Repeatedly Voted To Make It More Difficult To Enforce Fair Housing Claims

2015: Holding Voted For An Amendment That Prevented The Department Of Justice From Enforcing Disparate Impact Claims Under The Fair Housing Act. In June 2015, Holding voted for an amendment that prevented the Department of Justice from enforcing disparate impact claims under the Fair Housing Act. “Housing discrimination claims: The House has passed an amendment sponsored by Rep. Scott Garrett, R-N.J., to the Commerce, Justice, Science, and Related Agencies Appropriations Act (H.R. 2578). The amendment would bar funding for Justice Department enforcement actions under the Fair Housing Act that rely on the theory of disparate impact to allege racial and other forms of discrimination by mortgage lenders, landlords, and home insurers. Garrett said the threat of prosecution for treating various classes of homeowners and renters differently, based on their economic status, would impede the ability ‘for lenders to make rational economic decisions about risk’ rather than based on the possibility that the Justice Department will consider their actions discriminatory.” The amendment passed 232 to 196. [HR 2578, Vote #287, 6/03/15; On Agreeing to the Amendment, 6/03/15; Citizen-Times, 6/05/15]

2015: Holding Voted For An Amendment That Barred Funding For The Private Enforcement Initiative Of The Fair Housing Initiatives Program. In June 2015, Holding voted for an amendment to the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2016 that would “bar funds from GEORGE HOLDING (NC-02) Swamp Creature | 8 being used for the Private Enforcement Initiative of the Fair Housing Initiatives Program.” The amendment passed 224 to 198. [CQ Floor Votes, 6/04/15; HR 2577, Vote #307, 6/04/15]

National Council On Independent Living: PEI Grantees Are “Critical” To Enforcement Of The Fair Housing Act. “PEI grants support local, private fair housing groups’ testing, complaint intake, and investigation efforts. PEI grantees are critical to enforcement efforts for the Fair Housing Act. Disability-related complaints is the largest category of Fair Housing complaints. To remove funding for the PEI program would damage Fair Housing enforcement in many communities. This harms people with disabilities when fair housing enforcement is not readily available in communities.” [NCIL, 6/05/15]

2015: Holding Voted For Amendment Barring The Implementation Of Affirmatively Furthering Fair Housing Rule. In June 2015, Holding voted for an amendment to the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2016 that would “ bar funding for HUD to implement, enforce or administer the proposed Affirmatively Furthering Fair Housing Rule.” The amendment passed 229 to 193. [HR 2577, Vote #311, 6/09/15; CQ Floor Votes, 6/09/15]

Affirmatively Furthering Fair Housing Rule Self Purports To Combat Segregation. According to the Federal Register, the Affirmatively Furthering Fair Housing Rule “[e]stablish[es] an approach to affirmatively further fair housing that calls for coordinated efforts to combat illegal housing discrimination, so that individuals and families can make decisions about where to live, free from discrimination, with necessary information regarding housing options, and with adequate support to make their choices viable.” [Federal Register, 7/19/13]

2015: Holding Voted For Amendment To Bar Housing And Urban Development From Enforcing Regulation Combating Discrimination In the Housing Market. In June 2015, Holding voted for an amendment to the FY16 Transportation-HUD Appropriations bill that would bar funds from being used by HUD to administer a federal regulation that dictates, “If the policies of governmental agencies, banks or private real estate companies unjustifiably perpetuate segregation, regardless of their intent, they could be found in violation of the Fair Housing Act.” The amendment was adopted by a vote of 231-195. [HR 2577, Vote #323, 6/09/15; Propublica, 1/21/15]

Holding Voted For The Financial CHOICE Act, Which Rolled Back Dodd-Frank Banking Regulations

Holding Voted For The Financial CHOICE Act, Which Significantly Rolled Dodd-Frank Back. “House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis. In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules. [H.R. 10, vote #299, 6/8/17; NPR, 6/8/17]

The House Committee On Ways And Means Approved The CHOICE Act On May 25th, 2017. [Library of Congress, H.R. 10, accessed 6/19/17]

Holding’s Family’s Real Estate Partnership Would Benefit From His Vote For The Republican Tax Scam

Holding Voted For The Republican Tax Scam

Holding Voted For Final Passage Of The Tax Cuts And Jobs Act By Concurring With A Senate Amendment. In December 2017, Holding voted for “Brady, R-Texas, motion to concur in the Senate amendment to the tax overhaul that would revise the federal income tax system by: lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would GEORGE HOLDING (NC-02) Swamp Creature | 9 repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would establish a new top tax rate for "pass-through" business income through 2025. It would effectively eliminate the penalty for not purchasing health insurance under the 2010 health care overhaul law in 2019. It would also open portions of the Arctic National Wildlife Refuge to oil and gas drilling.” The motion was passed 224-201. [HR 1, Vote #699, 12/20/17; CQ Floor Votes, 12/20/17]

House Was Forced To Vote For A Second Time On The Final Bill After Small Changes Were Made To Comply With Senate Budget Rules. “The House, forced to vote a second time on the $1.5 trillion tax bill, moved swiftly to pass the final version on Wednesday, clearing the way for President Trump to sign into law the most sweeping tax overhaul in decades. House lawmakers approved the tax bill 224 to 201 on Wednesday, after being forced to vote on the bill again after last-minute revisions were made to it in the Senate, which passed the measure 51 to 48 early Wednesday morning. The final House vote was essentially a formality, as the changes, which were made to comply with Senate budget rules, did not significantly alter the overall bill.” [New York Times, 12/20/17]

8,510 Millionaires In North Carolina – Likely Including Holding - Would Receive 51.7% Of The Republican Tax Plan Benefits

2017: Holding’s Net Worth Was Between $816,028 And $7,469,995. [Holding 2017 Financial Disclosure Statement, filed 7/14/18]

8,510 Millionaires In North Carolina Would Receive 51.7% Of The Benefits In The Republican Tax Plan. “The Institute on Taxation and Economic Policy finds that millionaires in North Carolina (8,510 total, or 0.19 percent of filers in 2015) would receive 51.7 percent of the benefits from the tax plan. [ITEP, 2017]

The Republican Tax Scam Would Benefit Holding’s Significant Real Estate Income From His Family’s Real Estate Partnership

The GOP Tax Bill Gave Favorable Tax Treatment To Real Estate Income. “The provision, which gives favorable tax treatment to a common form of real estate income, would also create generous tax saving for President Donald Trump, who derives much of his personal fortune from real estate. The measure — added late Friday to the $1.5 trillion package of tax cuts — reduces the tax rate on ‘pass-through’ income derived from real estate. Owners of such businesses are allowed to ‘pass through’ the profits from these enterprises to their individual tax returns, which lowers the amount of tax they owe. Those benefits will now go to roughly four dozen Republican House and Senate members who voted for the bill, according to an analysis of personal financial disclosures for CNBC by the Center for Responsive Politics.” [CNBC, 12/20/17]

HEADLINE: “Dozens Of Lawmakers Stand To Reap A Tax Windfall Due To A GOP Loophole.” [CNBC, 12/20/17]

Holding Was One Of Several Members Of Congress Whose Real Estate Assets Would Benefit From The GOP Tax Bill. [CNBC, 12/20/17]

2017: Holding Made Between $15,001 And $50,000 From His Family’s Real Estate Partnership. Holding listed his family’s real estate partnership, Cape Fear LLP, as an asset on his 2017 personal financial disclosure from which he had earned between $15,001 and $50,000 in income in 2017. [Holding 2017 Financial Disclosure Statement, filed 7/14/18]

2017: Holding's Assets In His Family’s Real Estate Partnership Were Valued Between $1 Million And $5 Million. Holding listed his family’s real estate partnership, Cape Fear LLP, as an asset on his 2017 personal financial disclosure that was valued between $1,000,001 and $5,000,000. [Holding 2017 Financial Disclosure Statement, filed 7/14/18] GEORGE HOLDING (NC-02) Swamp Creature | 10

Holding Has Made At Least $100,000 From Big Pharma And Taken A Quarter Of A Million In Contributions From The Pharmaceutical Industry, It’s No Wonder He Voted For The Republican Tax Scam That Was A “Major Victory For Pharma Investors”

Holding Has Made More Than $100,000 From Pharmaceutical Companies Since 2012

2012 – 2017: Holding Has Made Between $104,532 And $300,000 From Pharmaceutical Companies. According to his federal personal financial disclosures, Holding has made between $104,532 and $300,000 from his assets in companies that make pharmaceuticals. [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

Holding Pharmaceutical Company Assets - Toplines Years Name of Asset Min Asset Max Asset Min Amount Max Amount Listed on Value Value of Income of Income PFD 2012 - 2017 Abbott Laboratories $75,005 $250,000 $6,006 $20,000 2013 ABBVIE COM None None $2,501 $5,000 2012 - 2017 Bristol-Myers Squibb Company $300,006 $600,000 $34,006 $110,000 2012 - 2017 Johnson & Johnson $300,006 $600,000 $42,007 $130,000 2012 MEDTRONIC COM $15,001 $50,000 $201 $1,000 2012 - 2017 Pfizer Inc $90,006 $300,000 $10,006 $27,500 2012 - 2017 Procter & Gamble Company $265,006 $550,000 $10,006 $27,500 TOTAL: $1,030,029 $2,300,000 $104,733 $321,000 [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

Career: Holding Has Taken More Than A Quarter Of A Million From The Pharmaceutical Industry

Career: Holding Has Taken More Than A Quarter Of A Million From The Pharmaceutical Industry. According to the Center for Responsive Politics, Holding has taken $254,526 from the Pharmaceutical/Health Products industry over the course of his career. [Center for Responsive Politics, accessed 8/30/18]

Holding Voted For The Republican Tax Scam, Which Was A “Major Victory For Pharma Investors”

Holding Voted For Final Passage Of The Tax Cuts And Jobs Act By Concurring With A Senate Amendment. In December 2017, Holding voted for “Brady, R-Texas, motion to concur in the Senate amendment to the tax overhaul that would revise the federal income tax system by: lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would establish a new top tax rate for "pass-through" business income through 2025. It would effectively eliminate the penalty for not purchasing health insurance under the 2010 health care overhaul law in 2019. It would also open GEORGE HOLDING (NC-02) Swamp Creature | 11 portions of the Arctic National Wildlife Refuge to oil and gas drilling.” The motion was passed 224-201. [HR 1, Vote #699, 12/20/17; CQ Floor Votes, 12/20/17]

Politico: Repatriation Provision In Tax Bill Was A “Major Victory For Pharma Manufacturers.” “The bill, H.R. 1 (115), lowers the corporate tax rate and would offer a one-time reduction on profits U.S.-based multinational companies earn and keep abroad. The repatriation provision is seen as a major victory for pharma manufacturers who store boatloads of cash in countries where tax rates are lower.” [Politico, 12/4/17]

Pharmaceutical Companies Were “One Of The Biggest Beneficiaries” Of The Provision, And Were Seen As Likely To Return Money To Their Shareholders, Rather Than Invest In Research And Innovation. “U.S. drugmakers will be one of the biggest beneficiaries of the repatriation portion of the bill. They've been sitting on billions of dollars in overseas earnings and can now bring home that cash at a reduced rate. While the tax bill has been promoted by Republicans as a job creator, the reality is that drug companies are more likely to return the money to shareholders, or use it to make acquisitions.” [Bloomberg, 12/20/17]

Tax Bill Was Estimated To Save Top Five Pharmaceutical Companies $42.7 Billion. “The tax proposal supported by President Donald Trump and congressional Republicans would give five top pharmaceutical corporations a $42.7 billion tax break.” [Public Citizen and ITEP, 11/20/17]

Holding Has Made More Than $80,000 From His Energy Company Assets And Has Taken More Than A Quarter Of A Million From The Energy Sector All The While Voting To Protect Oil And Gas Companies’ Interests

2017: Holding Has Between $80,003 And $200,000 In Energy Company Assets And Has Made Between $82,525 And $247,500 From Energy Companies

Holding Has Between $80,003 And $200,000 In Energy Company Assets. [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

Holding Energy Assets – Value Of Assets Name of Asset Min Value of Asset Max Value of Asset Chevron Corporation $50,001 $100,000 General Electric Company $15,001 $50,000 Royal Dutch Shell None None Schlumberger N.V. $15,001 $50,000 TOTAL $80,003 $200,000 [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18] GEORGE HOLDING (NC-02) Swamp Creature | 12

2012 – 2017: Holding Has Made Between $82,525 And $247,500 From Energy Companies. According to his federal personal financial disclosures, Holding has made between $82,525 and $247,500 from his assets in energy companies. [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

Holding Energy Assets - Toplines Years Listed Name of Asset Min Amount of Income Max Amount of Income on PFD 2012 – 2017 Chevron Corporation $37,006 $115,000 2012 EMERSON ELEC COM $201 $1,000 2012 – 2017 General Electric Company $5,206 $13,500 2012 – 2017 Royal Dutch Shell $32,506 $95,000 2012 – 2017 Schlumberger N.V. $7,606 $23,000 TOTAL $82,525 $247,500 [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

And Has Taken $274,632 From The Energy Sector

Career: Holdings’ Campaign And Leadership PAC Have Taken $274,632 From The Energy & Natural Resources. [Center for Responsive Politics, accessed 8/30/18]

It’s No Wonder He Voted To Protect Oil And Gas Companies Interests

Holding Voted For Final Passage Of The Tax Cuts And Jobs Act By Concurring With A Senate Amendment. In December 2017, Holding voted for “Brady, R-Texas, motion to concur in the Senate amendment to the tax overhaul that would revise the federal income tax system by: lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would establish a new top tax rate for "pass-through" business income through 2025. It would effectively eliminate the penalty for not purchasing health insurance under the 2010 health care overhaul law in 2019. It would also open portions of the Arctic National Wildlife Refuge to oil and gas drilling.” The motion was passed 224-201. [HR 1, Vote #699, 12/20/17; CQ Floor Votes, 12/20/17]

Pacific Standard: “The Oil And Gas Industry… Are Among The Tax Bill's Largest And Most Long- Lasting Financial Beneficiaries.” “Pacific Standard's original analysis finds that it is the oil and gas industry, including companies that backed the presidency of Trump and whose former executives and current boosters now populate it, that are among the tax bill's largest and most long-lasting financial beneficiaries. Just 17 American oil and gas companies reported a combined total of $25 billion in direct one-time benefits from the 2017 Tax Cuts and Jobs Act. Many of the companies will also receive millions of dollars in income tax refunds this year.” [Pacific Standard, 3/27/18]

GEORGE HOLDING (NC-02) Swamp Creature | 13

HEADLINE: Inside the Tax Bill's $25 Billion Oil Company Bonanza. [Pacific Standard, 3/27/18]

After Passing Tax Bill, Congressional Republicans Allowed A Tax On Oil Companies To Expire That Generated Hundreds Of Millions For Oil Spill Response Efforts Annually. “Congressional Republicans allowed a tax on oil companies that generated hundreds of millions of dollars annually for federal oil-spill response efforts to expire this week — a move that amounts to another corporate break in the wake of lawmakers’ sweeping tax overhaul late last month.” [Washington Post, 1/5/18]

Just 17 Oil And Gas Companies Reported A Combined $25 Billion In One Time Benefits From The Tax Bill, Not Including Corporate Tax Cuts Going Forward. “Just 17 American oil and gas companies reported a combined total of $25 billion in direct one-time benefits from the 2017 Tax Cuts and Jobs Act. Many of the companies will also receive millions of dollars in income tax refunds this year. Looking forward, the Tax Act then reduces all corporate annual tax bills by a minimum of 40 percent every year in perpetuity, while adding new benefits that function as government subsidies for the oil and gas industry.” [Pacific Standard, 3/27/18]

Holding Voted For Streamlining The Pipeline Approval Process. In July 2017, Holding voted for: “Passage of the bill that would establish the Federal Energy Regulatory Commission as the sole lead agency for the permitting of proposals to build or expand natural gas pipelines. The bill would require the commission to set deadlines by which federal agencies would need to take certain actions as part of the pipeline project proposal review process and would, in the event an agency fails to meet a deadline set by the commission, require the head of the agency to notify Congress and set forth a recommended implementation plan for the completion of the action.” Passed by a vote of 248-179. [H R 2910, Vote #402, 7/19/17; CQ, 7/19/17]

Holding Voted Against Motion To Require Pipeline Owners, Not Taxpayers, Are Liable For Any Cleanup Costs Associated With Pipeline Explosion. In January 2015, Holding voted against a motion to recommit that would require that natural gas pipeline owners, not taxpayers, are liable for any damages, repair, and clean-up in the wake of a natural gas pipeline explosion. [HR 161, Vote #40, 1/21/15; Democratic Leader – Motions to Recommit, 1/21/15]

2017: Holding Voted For Protecting Oil & Gas Companies From Having To Publicly Disclose Payments To Foreign Governments. In February 2017, Holding voted for “passage of the joint resolution that would nullify a Securities and Exchange Commission rule that requires companies that develop oil, natural gas or minerals to publicly report in detail payments to foreign governments or to the U.S. government totaling at least $100,000 annually per project for extraction, exploration or export of these resources.” The resolution passed by a vote of 235-187. [HJRes 41, Vote #72, 2/1/17; CQ, 2/1/17]

Holding’s Health Care Ad Was Misleading

Holding’s Ad Said He Voted “To Make Insurance Companies Cover People With Pre-Existing Conditions,” But He Actually Voted To Gut Those Protections

Holding’s Ad Said He Voted “To Make Insurance Companies Cover People With Pre-Existing Conditions”

Holding’s Ad Said He Voted “To Make Insurance Companies Cover People With Pre-Existing Conditions.” TRANSCRIPT: “Female Narrator: ‘This ad is to elect Linda Coleman.’ Female Narrator: ‘Devastated devastated devastated by Congressman George Holding’s vote to discriminate against people with pre-existing conditions. Female Narrator: ‘Don’t be fooled. The fact is George Holding voted to make insurance companies cover people with pre-existing conditions. Female Narrator: ‘Devastated devastated devastated…’ Female Narrator: ‘The ad is false, and Linda Coleman knows it. Holding: ‘I’m George Holding and I approve this message.’ ” [Holding for Congress, first aired 7/17/18]

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Holding Voted For The Republican Health Care Repeal Which Politifact Found Would Weaken Protections For People With Pre-Existing Conditions

Holding Voted For The American Health Care Act – The Republican Health Care Repeal Bill. In May 2017, Holding voted for “Passage of the bill that would make extensive changes to the 2010 health care overhaul law, by effectively repealing the individual and employer mandates as well as most of the taxes that finance the current system. It would, in 2020, convert Medicaid into a capped entitlement that would provide fixed federal payments to states and end additional federal funding for the 2010 law's joint federal-state Medicaid expansion. It would prohibit federal funding to any entity, such as Planned Parenthood, that performs abortions and receives more than $350 million a year in Medicaid funds. As amended, it would give states the option of receiving federal Medicaid funding as a block grant with greater state flexibility in how the funds are used, and would require states to establish their own essential health benefits standards. It would allow states to receive waivers to exempt insurers from having to provide certain minimum benefits, would provide $8 billion over five years for individuals with pre- existing conditions whose insurance premiums increased because the state was granted a waiver to raise premiums based on an individual's health status, and would create a $15 billion federal risk sharing program to cover some of the costs of high medical claims.” The bill was passed by a vote of 217-213. [HR 1628, Vote #256, 5/4/17; CQ, 5/4/17]

Politifact Found That AHCA “Would Weaken Protections” For Those With Pre-Existing Conditions, “Would Allow States To Give Insurers The Power To Charge People Significantly More.” “An ad by the American Action Network says that under the American Health Care Act ‘people with pre-existing conditions are protected.’ The only kernel of truth here is that the amendment has language that states insurers can’t limit access to coverage for individuals with pre-existing conditions. However, the ad omits that the House GOP health plan would weaken protections for these patients. The legislation would allow states to give insurers the power to charge people significantly more if they had a pre-existing condition. While Republicans point to the fact that those patients could get help through high-risk pools, experts question their effectiveness. Current law does not allow states to charge people with pre-existing conditions significantly more. We rate this claim Mostly False.” [Politifact, 5/24/17]

News & Observer: People With Pre-Existing Conditions Would “Absolutely Lose Some, But Not All, Of The Protections That The Current Law Gives Them. “People with pre-existing conditions would absolutely lose some, but not all, of the protections that the current law gives them. It’s possible that if the AHCA does become law, people with pre-existing conditions – who make up an estimate one-in-four Americans between the ages of 18 and 64 – could wind up paying thousands of dollars more per year for their health insurance.” [News & Observer, 5/4/17]

Holding Was An Ineffective And Absent Representative For His Constituents

Holding Owned A Condo In D.C.

Holding Owned A Condo In D.C. According to the District of Columbia Office of Tax and Revenue, Holding purchased a condo at 305 C Street NE, Unit 405 in January of 1999. [D.C. Office of Tax and Revenue, accessed 8/30/18]

NOTE: Holding was not taking a homestead exemption in Washington, D.C.

Career: Only Two Of The Bills Holding Sponsored Became Law

Career: Only Two Of The Bills Holding Sponsored Became Law. Since he first entered Congress in 2013, only two of Holding’s sponsored legislation have become law. [Congress.gov, accessed 8/30/18]

GEORGE HOLDING (NC-02) Swamp Creature | 15

Career: Only 7.4 Percent Of The Bills Holding Co-Sponsored Became Law

Career: Only 7.4 Percent Of The Bills Holding Co-Sponsored Became Law. Since he first entered Congress in 2013, only 31 of the 418, or 7.4 percent, of the bills Holding co-sponsored became law. [Congress.gov, accessed 8/31/18]

Career: Holding Sponsored Fewer Bills Than Most Of The North Carolina Delegation

115th Congress: Holding Sponsored The Second Fewest Number Of Bills In The North Carolina Delegation

115th Congress: Holding Sponsored The Second Fewest Number Of Bills In The North Carolina Delegation. [Congress.gov, accessed 8/30/18]

North Carolina Delegation Sponsorships – 115th Congress Member Number of Sponsorships Meadows, Mark [R-NC] 43 Budd, Ted [R-NC] 28 Jones, Walter B., Jr. [R-NC] 24 Hudson, Richard [R-NC] 23 Adams, Alma S. [D-NC] 19 Foxx, Virginia [R-NC] 18 Price, David E. [D-NC] 15 Pittenger, Robert [R-NC] 14 Walker, Mark [R-NC] 13 McHenry, Patrick T. [R-NC] 13 Rouzer, David [R-NC] 11 Holding, George [R-NC] 11 Butterfield, G. K. [D-NC] 3 [Congress.gov, accessed 8/30/18]

114th Congress: Holding Sponsored The Fewest Number Of Bills In The North Carolina Delegation

114th Congress: Holding Sponsored The Fewest Number Of Bills In The North Carolina Delegation. [Congress.gov, accessed 8/30/18]

North Carolina Delegation Sponsorships – 114th Congress Member Number of Sponsorships Foxx, Virginia [R-NC] 35 Ellmers, Renee L. [R-NC] 30 Meadows, Mark [R-NC] 29 Jones, Walter B., Jr. [R-NC] 27 Adams, Alma S. [D-NC] 20 Walker, Mark [R-NC] 17 Butterfield, G. K. [D-NC] 16 Hudson, Richard [R-NC] 16 Price, David E. [D-NC] 14 Pittenger, Robert [R-NC] 13 McHenry, Patrick T. [R-NC] 13 Rouzer, David [R-NC] 13 Holding, George [R-NC] 12 [Congress.gov, accessed 8/30/18] GEORGE HOLDING (NC-02) Swamp Creature | 16

113th Congress: Holding Sponsored The Fourth Fewest Number Of Bills In The North Carolina Delegation

113th Congress: Holding Sponsored The Fourth Fewest Number Of Bills In The North Carolina Delegation. [Congress.gov, accessed 8/30/18]

North Carolina Delegation Sponsorships – 113th Congress Member Number of Sponsorships Jones, Walter B., Jr. [R-NC] 28 Foxx, Virginia [R-NC] 27 Watt, Melvin L. [D-NC] 22 Meadows, Mark [R-NC] 21 Hudson, Richard [R-NC] 18 Ellmers, Renee L. [R-NC] 16 Butterfield, G. K. [D-NC] 14 McIntyre, Mike [D-NC] 12 Price, David E. [D-NC] 11 Holding, George [R-NC] 8 Pittenger, Robert [R-NC] 6 Coble, Howard [R-NC] 6 McHenry, Patrick T. [R-NC] 4 [Congress.gov, accessed 8/30/18]

Career: Holding Consistently Co-Sponsored The Third Fewest Number Of Bills Compared To The Rest Of The North Carolina Delegation

115th Congress: Holding Co-Sponsored The Third Fewest Number Of Bills In The North Carolina Delegation

115th Congress: Holding Co-Sponsored The Third Fewest Number Of Bills In The North Carolina Delegation. [Congress.gov, accessed 9/3/18]

North Carolina Delegation Co-Sponsorships – 115th Congress Member Name Number Co-Sponsored Jones, Walter B., Jr. [R-NC] 497 Adams, Alma S. [D-NC] 300 Meadows, Mark [R-NC] 300 Butterfield, G. K. [D-NC] 288 Price, David E. [D-NC] 261 Rouzer, David [R-NC] 254 Pittenger, Robert [R-NC] 239 Hudson, Richard [R-NC] 233 Budd, Ted [R-NC] 201 Walker, Mark [R-NC] 154 Holding, George [R-NC] 128 Foxx, Virginia [R-NC] 71 McHenry, Patrick T. [R-NC] 66 [Congress.gov, accessed 9/3/18]

GEORGE HOLDING (NC-02) Swamp Creature | 17

114th Congress: Holding Co-Sponsored The Third Fewest Number Of Bills In The North Carolina Delegation

114th Congress: Holding Co-Sponsored The Third Fewest Number Of Bills In The North Carolina Delegation. [Congress.gov, accessed 9/3/18]

North Carolina Delegation Co-Sponsorships – 114th Congress Member Name Number Co-Sponsored Jones, Walter B., Jr. [R-NC] 563 Rouzer, David [R-NC] 333 Pittenger, Robert [R-NC] 324 Butterfield, G. K. [D-NC] 289 Adams, Alma S. [D-NC] 274 Meadows, Mark [R-NC] 274 Ellmers, Renee L. [R-NC] 267 Price, David E. [D-NC] 261 Hudson, Richard [R-NC] 238 Walker, Mark [R-NC] 144 Holding, George [R-NC] 135 McHenry, Patrick T. [R-NC] 114 Foxx, Virginia [R-NC] 71 [Congress.gov, accessed 9/3/18]

113th Congress: Holding Co-Sponsored The Third Fewest Number Of Bills In The North Carolina Delegation

113th Congress: Holding Co-Sponsored The Third Fewest Number Of Bills In The North Carolina Delegation. [Congress.gov, accessed 9/3/18]

North Carolina Delegation Co-Sponsorships – 113th Congress Member Name Number Co-Sponsored Jones, Walter B., Jr. [R-NC] 614 Meadows, Mark [R-NC] 321 Price, David E. [D-NC] 305 Butterfield, G. K. [D-NC] 270 Coble, Howard [R-NC] 268 McIntyre, Mike [D-NC] 252 Ellmers, Renee L. [R-NC] 242 Pittenger, Robert [R-NC] 238 Hudson, Richard [R-NC] 196 McHenry, Patrick T. [R-NC] 168 Holding, George [R-NC] 155 Watt, Melvin L. [D-NC] 83 Foxx, Virginia [R-NC] 76 [Congress.gov, accessed 9/3/18]

GEORGE HOLDING (NC-02) Swamp Creature | 18

Holding Would Not Hold Town Halls

January 2017 – Present: Holding Did Not Have Any In-Person Town Halls

January 2017 – Present: Holding Did Not Have Any In-Person Town Halls. According to the Town Hall Project, Holding had not had an in-person town hall since January 1, 2017. [townhallproject.com, missing members, accessed 8/30/18]

Holding Said Town Halls Were A Waste And Had Become “Opportunities To Protest”

Holding Said Town Halls Were A Waste And Had Become “Opportunities To Protest.” OPINION: “Holding said he talks to constituents, but town halls are a waste and have become ‘opportunities to protest.’ ” [News & Observer, Editorial Board, 3/2/17]

EDITORIAL BOARD HEADLINE: “Incurious George Holding Unworried About Town Halls.” [News & Observer, Editorial Board, 3/2/17]

Holding Declined To Attend A Town Hall Planned By His Constituents And Instead Took A Taxpayer- Funded Trip To Sri Lanka, India, The United Kingdom, And Austria

February 2017: Holding Declined To Attend A Town Hall Planned By His Constituents. “When some people found out that Congressman George Holding wasn't planning on having a town hall during the current break in the legislative scheduled, they decided to go ahead and hold one for him. ‘If you're in public office, you should expect to have your constituents tell you what they think about your job performance,’ said Sarah Moncelle of Apex. Holding was invited, but a spokesman said he wouldn't be attending. The spokesman declined to say what Holding is doing during the congressional recess.”

Congress Was In Recess From February 20 To February 24. [The Hill, accessed 8/30/18]

Holding Took A Taxpayer-Funded Trip To Several Countries From February 18 To 26. According to Political Money Line, Holding took a taxpayer-funded trip to Sri Lanka, India, the United Kingdom, and Austria from February 18 to 26. [Political Money Line, George E Holding, accessed 8/30/18]

Campaign Finance

Holding Spent More Than $27,000 At The Same Swampy, D.C. Club At Which Jeff Sessions Was A Member

Holding’s Campaign And Leadership PAC Have Spent $27,715.68 At The 116 Club. [FEC.gov, accessed 8/31/18]

Politico: “If There Is A Physical Embodiment Of The Lobbying And Influence Peddling That Donald Trump Has Railed Against, The 116 Club Might Be It.” “Two blocks from Jeff Sessions’ Senate office stands an unassuming red townhouse where he rubs shoulders with lobbyists and Washington power players, outside of public view. If there is a physical embodiment of the lobbying and influence peddling that Donald Trump has railed against, the 116 Club might be it.” [Politico, 1/8/17]

HEADLINE: “Inside the 116 Club, Jeff Sessions’ hidden haunt.” [Politico, 1/8/17]

Holding’s Campaign Raised $7,788,822.53 And Spent $7,598,537.94

GEORGE HOLDING (NC-02) Swamp Creature | 19

Holding Career Congress Campaign Committee Funds Total Contributions Total Disbursements Party Operating Refunds Year Total Indivs Other Cmtes Total Cmtes Expdts Indivs Cmtes 2018 $1,858,717.76 $626,101.71 $1,150,032.69 $0.00 $1,681,912.16 $1,458,817.67 $350.00 $312.50 2016 $2,773,011.64 $1,179,908.47 $1,490,245.13 $0.00 $2,786,514.67 $2,569,483.67 $12,450.00 $2,000.00 2014 $1,464,260.04 $798,458.06 $540,626.97 $2,600.00 $1,449,386.85 $1,331,028.61 $1,000.00 $0.00 2012 $1,692,833.09 $1,060,729.13 $288,752.07 $2,500.00 $1,680,724.26 $1,658,649.26 $4,510.00 $0.00 CAREER $7,788,822.53 $3,665,197.37 $3,469,656.86 $5,100.00 $7,598,537.94 $7,017,979.21 $18,310.00 $2,312.50 [FEC Committee Candidate and Committee Viewer, accessed 8/30/18]

Holding’s Leadership PAC Raised $582,095.77 And Spent $553,544.60

Conservative Roundtable Funds Total Contributions Total Disbursements Party Year Total Indivs Other Cmtes Total Operating Expdts Cmtes 2018 $232,113.37 $26,700.00 $180,600.00 $0.00 $205,363.10 $172,864.10 2016 $249,676.32 $73,050.00 $127,813.13 $0.00 $258,431.33 $195,831.33 2014 $100,306.08 $37,040.00 $40,100.00 $0.00 $89,750.17 $28,184.17 CAREER $582,095.77 $136,790.00 $348,513.13 $0.00 $553,544.60 $396,879.60 [FEC Committee Candidate and Committee Viewer, accessed 8/30/18]

Holding’s Campaign Committee Received 49.3 Percent Of His Contributions From Individual Contributors And 45.6 Percent From PACs

Source Of Holding Career Congressional Campaign Committee Funds Category Amount Percentage Individual Contributors $3,753,587 49.30% PAC Contributors $3,469,657 45.57% Self-Financing $319,265 4.19% Other $70,791 0.93% [Center for Responsive Politics, accessed 8/30/18]

Holding’s Campaign Committee Received 88 Percent Of His PAC Contributions From Business PACs

Source Of Holding Career Congressional Campaign Committee PAC Contributions Category Amount Percentage Business PACs $3,115,257 88.88% Labor PACs $5,500 0.16% Ideological PACs $384,407 10.97% [Center for Responsive Politics, accessed 8/30/18]

Top Overall Industries

Holding’s Top Overall Industry Was Lawyers/Law Firms – Over His Career He Took Almost Half A Million From Them. [Center for Responsive Politics, accessed 8/30/18]

Holding Career Top Contributors By Industry Industry Total GEORGE HOLDING (NC-02) Swamp Creature | 20

Lawyers/Law Firms $476,795 Insurance $453,850 Health Professionals $368,967 Real Estate $363,550 Lobbyists $315,124 Retired $309,708 Securities & Investment $308,500 Leadership PACs $285,052 Commercial Banks $258,275 Pharmaceuticals/Health Products $254,526 Electronics Mfg & Equip $175,550 Accountants $139,300 Misc Manufacturing & Distributing $131,631 Retail Sales $129,250 Tobacco $126,637 Oil & Gas $123,999 Crop Production & Basic Processing $122,500 Food & Beverage $113,200 Automotive $112,287 Misc Business $97,968 [Center for Responsive Politics, accessed 8/30/18]

NOTE: According to the Center for Responsive Politics, “The organizations themselves did not donate, rather the money came from the organizations’ PACs, their individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates” [Center for Responsive Politics Top Contributors, accessed 3/21/17]

Top Overall Sectors

Holding’s Top Overall Sector Was The Finance, Insurance & Real Estate Sector – Over His Career He Took More Than $1.5 Million From Them. [Center for Responsive Politics, accessed 8/30/18]

Holding Top Contributors By Sector Sector Total Individuals PACs Finance, Insurance & Real Estate $1,638,979 $612,705 $1,026,274 Lawyers & Lobbyists $791,919 $701,419 $90,500 Misc Business $759,834 $319,135 $440,699 Health $758,243 $237,529 $520,714 Ideological/Single-Issue $423,355 $38,948 $384,407 Communications/Electronics $376,800 $96,750 $280,050 Agribusiness $372,737 $149,550 $223,187 Other $354,088 $340,588 $13,500 Energy & Natural Resources $274,632 $57,299 $217,333 Construction $252,884 $151,384 $101,500 Transportation $214,737 $83,737 $131,000 Defense $77,000 $6,500 $70,500 GEORGE HOLDING (NC-02) Swamp Creature | 21

Labor $5,500 $0 $5,500 [Center for Responsive Politics, accessed 8/30/18]

Top Campaign Committee Contributors

Toplines

Holding Career Top Contributors to Campaign Committee Contributor Total Individuals PACs Ward & Smith $129,750 $103,750 $26,000 First Citizens Bancshares $67,300 $63,300 $4,000 Blackstone Group $56,800 $56,800 $0 Ernst & Young $45,350 $15,350 $30,000 Reynolds American $41,700 $3,200 $38,500 American Bankers Assn $40,000 $0 $40,000 Bank of America $39,300 $11,800 $27,500 Home Depot $37,500 $0 $37,500 Capitol Counsel $36,700 $36,700 $0 Golden Corral $36,500 $36,500 $0 American Society of Anesthesiologists $36,000 $0 $36,000 Keystone Corp $36,000 $36,000 $0 Majority Cmte PAC $35,000 $0 $35,000 Brock & Scott $33,400 $33,400 $0 E Boyd & Assoc $33,284 $33,284 $0 National Beer Wholesalers Assn $32,500 $0 $32,500 Duke Energy $31,350 $2,350 $29,000 Brier Creek Pain & Spine $30,500 $30,500 $0 Altria Group $30,350 $8,850 $21,500 AT&T Inc $29,500 $0 $29,500 [Center for Responsive Politics, accessed 8/30/18]

Holding’s Top Campaign Contributor, Ward & Smith, Was A North Carolina Law Firm That Had Lobbied The Federal Government On Behalf Of Holding’s Family’s Bank

Holding’s Top Campaign Contributor Was Ward & Smith – Over His Career He Took More Than $129,000 From Them. [Center for Responsive Politics, accessed 8/30/18]

GEORGE HOLDING (NC-02) Swamp Creature | 22

Ward & Smith Was A North Carolina Law Firm With A State And Federal Lobbying Arm. “Ward and Smith, P.A.'s government relations professionals have decades of experience helping clients with government relations needs. Our Government Relations Practice Group services include traditional lobbying, regulatory monitoring, procurement advocacy, and legal advice related to compliance with the complex laws governing government relations in North Carolina and Washington, D.C. [wardandsmith.com, government relations, accessed 9/4/18]

2006 – 2013: Ward & Smith Was Registered To Lobby For First Citizens Bancshares – The Bank Owned By Holding’s Family. [Lobbying Disclosure, U.S. House of Representatives, accessed 9/4/18]

PFDs

Toplines

Holding PFD Toplines Year Earned Asset Value Unearned Income Transactions Liabilities Income MIN MAX MIN MAX MIN MAX MIN MAX 2017 None $2,466,028 $8,265,000 $104,332 $311,900 $103,026 $545,000 $795,005 $1,650,000 2016 None $2,876,034 $9,215,000 $81,935 $240,100 $144,011 $460,000 $780,004 $1,600,000 2015 None $3,142,037 $9,780,000 $247,737 $1,446,600 $144,025 $635,000 $750,002 $1,500,000 2014 None $3,491,039 $11,315,000 $140,038 $430,600 $718,016 $1,695,000 $750,002 $1,500,000 2013 None $3,960,045 $7,306,000 $143,747 $433,700 $446,018 $1,215,000 $750,002 $1,500,000 2012 $91,347.36 $4,227,057 $9,715,000 $71,858 $187,100 N/A N/A $765,003 $1,550,000 [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

NOTE: Candidates were not required to disclose transactions.

NOTE: 2012 earned income is from Holding’s financial disclosure while he was a candidate, while all other 2012 information is from his financial disclosure he filed as a new member of Congress.

NOTE: In several instances, Holding listed multiple categories for the amount of unearned income he received from an asset. In those cases, the two ranges were combined.

Since He First Ran For Office, Holding’s Net Worth Has Decreased By Between $1.4 Million And $8.1 Million

Since He First Ran For Office, Holding’s Net Worth Has Decreased By Between $1.4 Million And $8.1 Million. [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

Holding Yearly Assets Value Asset Value Liabilities Net Worth Year MIN MAX MIN MAX MIN MAX 2012 $4,227,057 $9,715,000 $765,003 $1,550,000 $2,677,057 $8,949,997 GEORGE HOLDING (NC-02) Swamp Creature | 23

2013 $3,960,045 $7,306,000 $750,002 $1,500,000 $2,460,045 $6,555,998 2014 $3,491,039 $11,315,000 $750,002 $1,500,000 $1,981,039 $10,564,998 2015 $3,142,037 $9,780,000 $750,002 $1,500,000 $1,642,037 $9,029,998 2016 $2,876,034 $9,215,000 $780,004 $1,600,000 $1,276,034 $8,434,996 2017 $2,466,028 $8,265,000 $795,005 $1,650,000 $816,028 $7,469,995 [Holding 2012 Financial Disclosure Statement, filed 5/15/13; Holding 2013 Financial Disclosure Statement, filed 7/12/14; Holding 2014 Financial Disclosure Statement, filed 5/15/15; Holding 2015 Financial Disclosure Statement, filed 5/16/16; Holding 2016 Financial Disclosure Statement, filed 5/15/17; Holding 2017 Financial Disclosure Statement, filed 7/14/18]

2017: Holding Owned Between $165,004 And $350,000 In Assets In Pharmaceutical Companies

Holding 2017 Pharmaceutical Company Assets Asset Min Year End Max Year End Min Amt of Max Amt of Value Value Income Income Abbott Laboratories None None $5,001 $15,000 Bristol-Myers Squibb Company $50,001 $100,000 $1,001 $2,500 Pfizer Inc $15,001 $50,000 $5,001 $15,000 Procter & Gamble Company $50,001 $100,000 $1,001 $2,500 Johnson & Johnson $50,001 $100,000 $1,001 $2,500 Total $165,004 $350,000 $13,005 $37,500 [Holding 2017 Financial Disclosure Statement, filed 7/14/18]

Holding Voted For Key Republican Priorities In The 115th Congress

Holding Voted For Final Passage Of The Republican Tax Scam Bill

Holding Voted For Adopting The Conference Report Of The Tax Cuts And Jobs Act. In December 2017, Holding voted for “adoption of the conference report on the bill that would revise the federal income tax system by lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would establish a new top tax rate for "pass-through" business income through 2025.” The conference report was adopted 227-203. [HR 1, Vote #692, 12/19/17; CQ Floor Votes, 12/19/17]

Holding Voted For Final Passage Of The Tax Cuts And Jobs Act By Concurring With A Senate Amendment. In December 2017, Holding voted for “Brady, R-Texas, motion to concur in the Senate amendment to the tax overhaul that would revise the federal income tax system by: lowering the corporate tax rate from 35 percent to 21 percent; lowering individual tax rates through 2025; limiting state and local deductions to $10,000 through 2025; decreasing the limit on deductible mortgage debt through 2025; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would repeal personal exemptions and would roughly double the standard deduction through 2025. It would raise the child tax credit to $2,000 through 2025, would repeal the alternative minimum tax for corporations and provide for broader exemptions to the tax for individuals through 2025. It would double individual exemptions to the estate tax and gift tax through 2025, and would GEORGE HOLDING (NC-02) Swamp Creature | 24 establish a new top tax rate for "pass-through" business income through 2025. It would effectively eliminate the penalty for not purchasing health insurance under the 2010 health care overhaul law in 2019. It would also open portions of the Arctic National Wildlife Refuge to oil and gas drilling.” The motion was passed 224-201. [HR 1, Vote #699, 12/20/17; CQ Floor Votes, 12/20/17]

Tax Cuts And Jobs Act Benefitted The Wealthy, Corporations, And Special Interests…

New York Times: Tax Bill “Creates As Many New Preferences For Special Interests As It Gets Rid Of” After Republican Ambitions “Fell To The Powerful Forces Of Lobbying And The Status Quo.” “The Republican tax bill does not pass the postcard test. It leaves nearly every large tax break in place. It creates as many new preferences for special interests as it gets rid of. It will keep corporate accountants busy for years to come. And no taxpayer will ever see the postcard-size tax return that President Trump laid a kiss on in November as Republican leaders launched their tax overhaul effort. This was not the grand simplification of the code that Republicans promised when they set out to eliminate tax breaks and cut the number of tax brackets as they lowered rates. As their bill tore through Congress, their ambitions fell to the powerful forces of lobbying and the status quo.” [New York Times, 12/16/17]

Washington Post: Final Tax Bill Included A “Significant Tax Break For The Very Wealthy” And “A Massive Tax Cut For Corporations.” “A new tax cut for the rich: The final plan lowers the top tax rate for top earners. Under current law, the highest rate is 39.6 percent for married couples earning over $470,700. The GOP bill would drop that to 37 percent and raise the threshold at which that top rate kicks in, to $500,000 for individuals and $600,000 for married couples. This amounts to a significant tax break for the very wealthy, a departure from repeated claims by Trump and his top officials that the bill would not benefit the rich. […] A massive tax cut for corporations “A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses' tax rate would fall from 35 percent to just 21 percent, the largest one-time rate cut in U.S. history for the nation's largest companies.” [Washington Post, 12/15/17]

…While Millions Of Americans Would Pay More In Taxes

Politifact: GOP Tax Bill Would Raise Taxes For The Middle Class After Individual Tax Cut Provisions Expired In 2025. “Gillibrand said the Republican ‘tax [plan] raises middle-class taxes.’ That's not true during the first years of the new tax provisions. If not for the sunset for the tax changes for individuals, we likely would have rated Gillibrand's statement False or perhaps Mostly False. Middle-income taxpayers will either benefit or see no change in their tax liability through 2025. But her claim could hold up after the bill's individual provisions expire that year. There's no guarantee a future Congress will extend those parts of the bill.” [Politifact, 12/22/17]

Tax Policy Center: In 2018, 5 Percent Of Taxpayers Would Pay More In Taxes Under The GOP Tax Bill, But Would Increase To 53 Percent Of Taxpayers In 2027. “Some taxpayers would pay more in taxes under the proposal in 2018 and 2025 than under current law: about 5 percent of taxpayers in 2018 and 9 percent in 2025. In 2027, however, taxes would increase for 53 percent of taxpayers compared with current law.” [Tax Policy Center, 12/18/17]

RESOURCE: The Final Trump-GOP Tax Plan: National and 50-State Estimates for 2019 & 2027 [ITEP, 12/16/17] GEORGE HOLDING (NC-02) Swamp Creature | 25

Tax Cuts And Jobs Act Increased The Federal Debt – Increasing Pressure To Cut Program Like Medicare

Official CBO Estimate Found Final Tax Bill Would Increase The Federal Deficit By $1.9 Trillion. “The GOP's signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office (CBO). According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion.” [The Hill, 4/9/18]

After Passing A Tax Bill That Added Trillions To The Deficit, Speaker Ryan Said Medicare And Medicaid Would Need To Be “Reformed” In Order To Decrease The Deficit. “With his dream of tax reform now realized, Ryan is hoping to make progress on two other issues he’s targeted during his two-decade career in Washington: entitlement and welfare reform. ‘We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,’ Ryan, a former Budget Committee chairman, said in a recent interview this month on the Ross Kaminsky radio talk show. Medicare and Medicaid are the ‘big drivers of debt,’ Ryan said, suggesting Republicans could once again use the budget reconciliation process to avoid a Democratic filibuster. Medicare is the ‘biggest entitlement that’s got to have reform,’ Ryan added.” [The Hill, 12/27/17]

HEADLINE: After Tax Overhaul, GOP Sets Sights on Medicare, Social Security [US News, 12/7/17]

HEADLINE: Ryan says Republicans to target welfare, Medicare, Medicaid spending in 2018 [Washington Post, 12/6/17]

HEADLINE: Paul Ryan Pushes to Keep Overhaul of Safety-Net Programs on GOP Agenda [Wall Street Journal, 2/4/18]

AP: “A Wide Range Of Economists And Nonpartisan Analysts Have Warned That The Bill Will Likely Escalate Federal Debt, Intensify Pressure To Cut Spending On Social Programs And Further Widen America's Troubling Income Inequality.” “The tax overhaul of 2017 amounts to a high-stakes gamble by Republicans in Congress: That slashing taxes for corporations and wealthy individuals will accelerate growth and assure greater prosperity for Americans for years to come. The risks are considerable. A wide range of economists and nonpartisan analysts have warned that the bill will likely escalate federal debt, intensify pressure to cut spending on social programs and further widen America's troubling income inequality.” [Associated Press, 12/17/17]

Tax Cuts And Jobs Act Included Provision That Would Reduce Taxes For Dozens Of Members Of Congress

HEADLINE: “Dozens Of Lawmakers Stand To Reap A Tax Windfall Due To A GOP Loophole.” [CNBC, 12/20/17]

Four Dozen Members Of Congress Stood To Benefit From Change In Tax Treatment Of Real Estate Income Under GOP Tax Bill. “The provision, which gives favorable tax treatment to a common form of real estate income, would also create generous tax saving for President Donald Trump, who derives much of his personal fortune from real estate. The measure — added late Friday to the $1.5 trillion package of tax cuts — reduces the tax rate on ‘pass-through’ income derived from real estate. Owners of such businesses are allowed to ‘pass through’ the profits from these enterprises to their individual tax returns, which lowers the amount of tax they owe. Those benefits will now go to roughly four dozen Republican House and Senate members who voted for the bill, according to an analysis of personal financial disclosures for CNBC by the Center for Responsive Politics.” [CNBC, 12/20/17]

Tax Cuts And Jobs Act Would Increase Incentives To Move Jobs Overseas

GEORGE HOLDING (NC-02) Swamp Creature | 26

Tax Experts Said The Tax Cuts And Jobs Act Increased Incentives For Companies To Move Jobs Overseas. “What happened to the workers in Clinton, tax experts say, will probably happen to more Americans if the Republican tax overhaul becomes law. The legislation fails to eliminate long-standing incentives for companies to move overseas and, in some cases, may even increase them, they say. ‘This bill is potentially more dangerous than our current system,’ said Stephen Shay, a senior lecturer at Harvard Law School and former Treasury Department international tax expert in the Obama administration. ‘It creates a real incentive to shift real activity offshore.’” [Washington Post, 12/15/17]

Tax Cuts And Jobs Act Would Lead To More Expensive Health Insurance; 13 Million More Uninsured

Final Tax Bill Eliminated Central Affordable Care Act Provision, Leading To 13 Million Fewer Americans With Insurance. “The individual mandate is part of the Affordable Care Act, and removing it was a top priority for Trump and congressional Republicans. The Congressional Budget Office projects the change will increase insurance premiums and lead to 13 million fewer Americans with insurance in a decade, while also cutting government spending by more than $300 billion over that period.” [Washington Post, 12/15/17]

GOP Tax Bill Would Cause Health Insurance Premiums To Rise, And Could Lead Insurers To Drop Out Of Regional Markets. “The final GOP plan will repeal the Affordable Care Act’s individual insurance mandate, which would allow young and healthy people to leave the insurance pool, forcing insurers to compensate by raising prices due to the higher costs of insuring only less-healthy people. Not only would premiums likely rise, but many insurers could drop out of regional markets.” [Newsweek, 12/18/17]

HEADLINE: Republican Tax Plan Will Make Health Insurance More Expensive [Newsweek, 12/18/17]

Tax Cuts And Jobs Act Failed To Live Up To Republican Promises

HEADLINE: “New Tax Code Will Still Be Complicated Despite GOP Promise To Simplify.” [CNN Money, 12/18/17]

CNN Money: Final Tax Bill “Adds Plenty Of Complications, Particularly For Small Businesses.” “But the plan Republicans and Trump came up with almost certainly won't put tax preparers out of business. The final tax bill, released on Friday, does indeed deliver some simplification, but not as much as promised. And it adds plenty of complications, particularly for small businesses.” [CNN Money, 12/18/17]

Time: Republicans Failed To Follow Through On The “Central Promises” Of Their Tax Bill – To Allow People To File On A Postcard And To Benefit Working And Middle Class Americans. “As they pushed their sweeping tax bill through Congress, Republicans made two central promises. First, that the bill would simplify the U.S. tax code, allowing citizens to file their taxes ‘on the back of a postcard.’ And second, that the overhaul would primarily benefit working Americans and the middle class. The first claim proved false. And economic experts are skeptical about the second, arguing that the bill aids businesses at the expense of middle-class taxpayers.” [Time, 12/19/17]

Holding Voted For House Passage Of The Republican Tax Scam Bill

Holding Voted For Passage Of The House Version Of The Tax Cuts And Jobs Act. In November 2017, Holding voted for “passage of the bill that would revise the federal income tax system by: lowering individual and corporate tax rates; consolidating the current seven tax income rates into four rates; eliminating the deduction for state and local income taxes; limiting certain deductions for property taxes and home mortgages; and creating a new system of taxing U.S. corporations with foreign subsidiaries. Specifically, it would eliminate personal exemptions and would nearly double the standard deduction. It would raise the child tax credit through 2022, repeal the alternative minimum tax, repeal the estate tax in 2025 and reduce the gift tax rate in 2025. It would establish a new GEORGE HOLDING (NC-02) Swamp Creature | 27 top tax rate for pass-through business income and would modify tax credits related to energy production.” The bill passed 227-205. [HR 1, Vote #637, 11/16/17; CQ Floor Votes, 11/16/17]

Holding Voted For Considering The Tax Cuts And Jobs Act. In November 2017, Holding voted for: “Adoption of the rule (H Res 619) that would provide for House floor consideration of the bill (HR 1) that would revise the federal income tax system by: lowering individual and corporate tax rates; consolidating the current seven tax income rates into four rates; eliminating the deduction for state and local income taxes; limiting certain deductions for property taxes and home mortgages; and creating a new system of taxing U.S. corporations with foreign subsidiaries.” The rule was adopted 235-191. [HRes 619, Vote #633, 11/15/17; CQ, 11/15/17]

Holding Voted For FY18 Senate Republican Budget That Set The Stage For Tax Reform

Holding Voted For Agreeing To The Senate Republican’s Version Of The FY18 Budget. In October 2017, Holding voted for “Black, R-Tenn., motion to concur in the Senate amendment to the concurrent resolution that would provide for $3.1 trillion in new budget authority in fiscal 2018, not including off-budget accounts. It would allow the cap on defense spending to be raised to $640 billion for fiscal 2018, without the need for offsets. It would require the Senate Finance Committee to report legislation under the budget reconciliation process that would increase the deficit by no more than $1.5 trillion over the period of fiscal 2018 through fiscal 2027. It would also instruct the Senate Energy and Natural Resources Committee to report legislation under the budget reconciliation process that would reduce the deficit by $1 billion over the period of fiscal 2018 through fiscal 2027. The concurrent resolution would authorize the establishment of various reserve funds, including a deficit-neutral reserve fund related to repealing or replacing the 2010 health care overhaul law, and a revenue-neutral reserve fund related to modifying the federal tax system.” The budget passed 216-212. [H Con Res 71, Vote #589, 10/26/17; CQ Floor Votes, 10/26/17]

Washington Times: “The Goal Of The Budget Was To Set Up What's Known As The ‘Reconciliation’ Process” For Tax Reform. “Already months overdue the fiscal year began Oct. 1 the budget calls for about $1 trillion in discretionary spending this year, and envisions deficits of $641 billion. But even Republicans said those numbers were probably irrelevant, and it will take a bipartisan deal later this year to set actual spending levels for 2018. Instead, the goal of the budget was to set up what's known as the ‘reconciliation’ process, which allows big financial measures to pass the Senate by majority vote, without having to overcome a filibuster.” [Washington Times, 10/20/17]

HEADLINE: House approves Senate-passed budget plan, paving way for tax reform [CBS News, 10/26/17]

Senate Budget Cut $473 Billion From Medicare And More Than $1 Trillion From Medicaid Over 10 Years. “Under Capitol Hill's byzantine budget rules, the nonbinding budget resolution is supposed to lay out a long-term fiscal framework for the government. This year's measure calls for $473 billion in cuts from Medicare over 10 years and more than $1 trillion from Medicaid. All told, Senate Republicans would cut spending by more than $5 trillion over a decade, though they don't attempt to spell out where the cuts would come from.” [Associated Press, 10/19/17]

Senate Budget Eliminated House Republican’s Requirement That Tax Legislation Be Revenue Neutral. “The path to a compromise earlier looked contentious. The House’s budget writers, led by fiscal hawk Rep. Diane Black of Tennessee, drew out a legislative map that would require any tax bill to be deficit-neutral and to be coupled with billions in mandatory cuts. Members of the Senate budget panel, by contrast, have given themselves much more flexibility. The Senate’s budget allows the GOP’s tax plan to add up to $1.5 trillion to the deficit over 10 years, which proponents say will allow for more aggressive tax cuts.” [NPR, 10/20/17]

Senate Budget Promoted Reducing The State And Local Tax Deduction. “The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution, and make adjustments to the pay-as-you-go ledger, for one or more bills, GEORGE HOLDING (NC-02) Swamp Creature | 28

joint resolutions, amendments, amendments between the Houses, motions, or conference reports relating to changes in Federal tax laws, which may include reducing federal deductions, such as the state and local tax deduction which disproportionally favors high-income individuals, to ensure relief for middle- income taxpayers, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2018 through 2027.” [H Con Res 71, Text As Engrossed In The Senate, 10/19/17]

Holding Voted For FY18 House Republican Budget That Cut Medicare And Medicaid

Holding Voted For FY18 Republican House Budget. In October 2017, Holding voted for “adoption of the concurrent resolution that would provide for $3.2 trillion in new budget authority in fiscal 2018, not including off- budget accounts. It would assume $1.22 trillion in discretionary spending in fiscal 2018. It would assume the repeal of the 2010 health care overhaul law. It also would propose reducing spending on mandatory programs such as Medicare and Medicaid and changing programs such as the Supplemental Nutrition Assistance Program (also known as food stamps). It would call for restructuring Medicare into a "premium support" system beginning in 2024. I would also require the House Ways and Means Committee to report out legislation under the budget reconciliation process that would provide for a revenue-neutral, comprehensive overhaul of the U.S. tax code and would include instructions to 11 House committees to trigger the budget reconciliation process to cut mandatory spending. The concurrent resolution would assume that, over 10 years, base (non-Overseas Contingency Operations) discretionary defense spending would be increased by a total of $929 billion over the Budget Control Act caps and non-defense spending be reduced by $1.3 trillion.” The budget pass 219-206. [H Con Res 71, Vote #557, 10/5/17; CQ Floor Votes, 10/5/17]

AP: House Budget “Reprises A Controversial Plan To Turn Medicare Into A Voucher-Like Program.” “The House on Thursday passed a $4.1 trillion budget plan that promises deep cuts to social programs while paving the way for Republicans to rewrite the tax code later this year. The 2018 House GOP budget reprises a controversial plan to turn Medicare into a voucher-like program for future retirees as well as the party's efforts to repeal the "Obamacare" health law. Republicans controlling Congress have no plans to actually implement those cuts while they pursue their tax overhaul.” [Associated Press, 10/5/17]

CBPP: FY18 Budget As Passed By House Budget Committee “Would Cut Medicare Spending By $487 Billion Over The 2018-27 Period, Largely By Shifting More Health Care Costs To Beneficiaries.” “The 2018 budget resolution that the House Budget Committee approved this week would end Medicare’s guarantee of health coverage by converting the program to a premium support system. Overall, it would cut Medicare spending by $487 billion over the 2018-27 period, largely by shifting more health care costs to beneficiaries. President Trump’s budget, by contrast, would spare Medicare from cuts.” [CBPP, 7/21/17]

House Budget Called For $5 Trillion In Spending Cuts, Including Slashing Medicaid By $1 Trillion. “The plan, passed by a nearly party-line 219-206 vote, calls for more than $5 trillion in spending cuts over the coming decade, promising to slash Medicaid by about $1 trillion over the next 10 years, repeal the ‘Obamacare’ health law, and force huge cuts to domestic programs funded each year by Congress.” [Associated Press, 10/5/17]

AP: “Republicans Are Not Actually Planning To Impose Any Of Those Cuts… Those GOP Proposals For Spending Cuts Are Limited To Nonbinding Promises.” “But Republicans are not actually planning to impose any of those cuts with follow-up legislation that would be required under Washington's Byzantine budget rules. Instead, those GOP proposals for spending cuts are limited to nonbinding promises, and even a token 10-year, $200 billion spending cut package demanded by tea party House Republicans appears likely to be scrapped in upcoming talks with the Senate.” [Associated Press, 10/5/17]

Washington Post: House Budget “Set The Stage For An Ambitious Tax-Overhaul Bill They Are Planning To Pass Without Democratic Help.” “House Republicans passed crucial budget legislation GEORGE HOLDING (NC-02) Swamp Creature | 29

Thursday, setting aside months of intraparty squabbles to set the stage for an ambitious tax-overhaul bill they are planning to pass without Democratic help. The House budget resolution includes major spending cuts demanded by the party’s conservative wing, but the party’s focus is now on passing a tax bill that could add as much as $1.5 trillion to the budget deficit. Special procedures set out in the legislation would ultimately allow Republicans to pass the bill over a potential Democratic filibuster in the Senate.” [Washington Post, 10/5/17]

Holding Voted For Republican Repeal & Ripoff

Holding Voted For The American Health Care Act. In May 2017, Holding voted for repeal and replace major parts of the Affordable Care Act. According to the New York Times, the bill “would eliminate tax penalties for people who go without health insurance. It would roll back state-by-state expansions of Medicaid, which covered millions of low-income Americans. And in place of government-subsidized insurance policies offered exclusively on the Affordable Care Act’s marketplaces, the bill would offer tax credits of $2,000 to $4,000 a year, depending on age. […] The nonpartisan Congressional Budget Office said the first version of the bill would trim the federal budget deficit considerably but would also leave 24 million more Americans without health insurance after a decade. Average insurance premiums would be 15 percent to 20 percent higher in 2018 and 2019, but after that, they would be lower than projected under current law.” The bill passed by a vote of 217-213. [HR 1628, Vote #256, 5/4/17; New York Times, 5/4/17]

American Health Care Act Would Gut Protections For People With Pre-Existing Conditions

American Health Care Act Would Lead To 23 Million More Uninsured – Disproportionally Older People With Lower Incomes

CBO Estimated 14 Million More People Would Be Uninsured In 2018; 23 Million More Uninsured By 2026. “CBO and JCT estimate that, in 2018, 14 million more people would be uninsured under H.R. 1628 than under current law. The increase in the number of uninsured people relative to the number under current law would reach 19 million in 2020 and 23 million in 2026 (see Table 4, at the end of this document).” [CBO, 5/24/17]

CBO Found Increase In Uninsured Would Disproportionately Impact Older People With Lower Income. “Although the agencies expect that the legislation would increase the number of uninsured broadly, the increase would be disproportionately larger among older people with lower income—particularly people between 50 and 64 years old with income of less than 200 percent of the federal poverty level (see Figure 2).” [CBO, 5/24/17]

CBO: Even In States Without Waivers, More People Would Be Uninsured Than Under Current Law. “CBO and JCT expect that under the current version of the legislation, the effects on health insurance coverage would be similar to those previously estimated for the half of the population that resides in states that would not obtain a waiver from the EHB or community-rating requirements. In general, under H.R. 1628, as passed by the House, fewer people would have coverage through the nongroup market, Medicaid, and employment-based coverage, and more people would be uninsured in those areas than under current law.” [CBO, 5/24/17] GEORGE HOLDING (NC-02) Swamp Creature | 30

American Health Care Act Would Create An Age Tax On Older Americans

American Health Care Act Allows Insurers To Charge Older Customers Five Times More Than Younger Adults. “Raises premiums for older people. The Affordable Care Act limited insurers from charging older customers more than three times what they charge younger adults. The House bill would raise that to five times. This may enable younger consumers to find cheaper coverage, but older policyholders would face higher rates.” [Huffington Post, 3/6/17]

New York Times: ACHA Achieved Lower Premiums Not Through Increased Choice And Competition, But By Making Health Insurance So Unaffordable For Many Older Americans They Would Leave The Market. “There are a lot of unpleasant numbers for Republicans in the Congressional Budget Office’s assessment of their health care bill. But congressional leadership found one to cheer: The report says that the bill will eventually cut the average insurance premiums for people who buy their own insurance by 10 percent. […] But the way the bill achieves those lower average premiums has little to do with increased choice and competition. It depends, rather, on penalizing older patients and rewarding younger ones. According to the C.B.O. report, the bill would make health insurance so unaffordable for many older Americans that they would simply leave the market and join the ranks of the uninsured.” [New York Times, 3/14/17]

Holding Voted For Eliminating Limits On Consumer Internet Privacy

Holding Voted For A Resolution To Eliminate Limits On What ISPs Could Do With Customer Information, Including Browsing Habits, Usage History, Location Data, And Social Security Numbers. In March 2017, Holding voted for a resolution “that wipes away landmark online privacy protections, the first salvo in what is likely to become a significant reworking of the rules governing Internet access in an era of Republican dominance. In a party-line vote, House Republicans freed Internet service providers such as Verizon, AT&T and Comcast of protections approved just last year that had sought to limit what companies could do with information such as customer browsing habits, app usage history, location data and Social Security numbers. The rules also had required providers to strengthen safeguards for customer data against hackers and thieves.” The resolution passed 215-205. [S J Res 34, Vote #202, 3/28/17; Washington Post, 3/28/17]

Washington Post: ISPs “Will Be Able To Monitor Their Customers’ Behavior Online And, Without Their Permission, Use Their Personal And Financial Information To Sell Highly Targeted Ads.” “If Trump signs the legislation as expected, providers will be able to monitor their customers’ behavior online and, without their permission, use their personal and financial information to sell highly targeted ads — making them rivals to Google and Facebook in the $83 billion online advertising market. The providers could also sell their users’ information directly to marketers, financial firms and other companies that mine personal data — all of whom could use the data without consumers’ consent. In addition, the Federal Communications Commission, which initially drafted the protections, would be forbidden from issuing similar rules in the future.” [Washington Post, 3/28/17]

Washington Post: The House just voted to wipe away the FCC’s landmark Internet privacy protections [Washington Post, 3/28/17]

Holding Voted For Repealing Wall Street Reforms

Holding Voted For The CHOICE Act To “Overhaul Financial Industry Regulations And Repeal Many Provisions Of The 2010 Dodd-Frank Law.” In June 2017, Holding voted for “passage of the bill that would overhaul financial industry regulations and repeal many provisions of the 2010 Dodd-Frank law. It would convert the Consumer Financial Protection Bureau into an executive agency funded by annual appropriations and would modify operations at the Federal Reserve and at the Securities and Exchange Commission. It would repeal the prohibition on banking entities engaging in proprietary trading and would modify regulations governing the amount GEORGE HOLDING (NC-02) Swamp Creature | 31 of capital that banks are required to maintain. It would also nullify the Labor Department's April 2016 "fiduciary" rule regarding standards for individuals who provide retirement investment advice to act in the best interests of their clients.” The bill passed 233-186. [HR 10, Vote #299, 6/8/17; CQ Floor Votes, 6/8/17]

HEADLINE: House passes Choice Act that would gut Dodd-Frank banking reforms [CNBC, 6/8/17]

New York Times: CHOICE Act “To Erase A Number Of Core Financial Regulations,” Including Limits On Risk Taking Enacted After The Financial Crash, And “Would Weaken The Powers Of The Consumer Financial Protection Bureau.” “The House approved legislation on Thursday to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules that they claim have strangled small businesses and stagnated the economy. […] The Choice Act would exempt some financial institutions that meet capital and liquidity requirements from many of Dodd-Frank’s restrictions that limit risk taking. It would also replace Dodd-Frank’s method of dealing with large and failing financial institutions, known as the orderly liquidation authority — which critics say reinforces the idea that some banks are too big to fail — with a new bankruptcy code provision. In addition, the legislation would weaken the powers of the Consumer Financial Protection Bureau.” [New York Times, 6/8/17]