Analysis Shows Bill Doesn’t Go Far Enough to Aid Families Bailout Provisions Pushed by Senator Susan Collins Ensure Corporations That Wasted Tax Breaks Will Receive Billions More in Taxpayer-Funded Bailouts
Portland, MAINE — Today, 16 Counties Coalition released a new report detailing how the Phase 3 stimulus bill passed by Congress in response to the coronavirus pandemic prioritizes big corporations over Maine families who are losing jobs at record rates and struggling to get by. Senator Susan Collins and Senate Majority Leader Mitch McConnell didn’t get the no-strings-attached, taxpayer-funded slush fund they fought to deliver for their corporate donors. But they still ensured that the same corporate interests that squandered the billions Republicans gifted them in the 2017 tax cuts will still have access to taxpayer-funded bailouts with little in the way of effective oversight.
The findings of the report show:
- While direct payments to individuals are less generous and exclude some families, such as those with adult-aged dependents, the structure of the corporate bailouts is more beneficial than they first seemed, and rife with loopholes.
- Tucked within the stimulus for families is a massive tax cut that will impact only households with income above $500,000. This cut for the one percent will cost taxpayers nearly $170 billion over ten years.
- Essential worker protections like paid sick leave were purposefully left out of stimulus legislation despite attempts by Senate Democrats to insert language that would protect all workers.
“Susan Collins promised Mainers this bill would provide real relief for families who are struggling to keep their heads above water. But people are realizing that new law is just another giveaway for corporations,” said Willy Ritch, Executive Director of 16 Counties Coalition. “We need Senator Collins to listen to Mainers, not lobbyists. We need to hold her accountable for ensuring future stimulus bills put the needs of Maine families over corporate profits.”
A recent poll found that more than half of respondents believe the federal response to the coronavirus prioritizes wealthy individuals and corporations over working- and middle-class Americans, and that most have already had to make tough choices about personal finances.
The report supports this outlook, and also explains how few oversight provisions that Democrats were able to include are easily skirted by interested parties, as President Trump proved when he fired the veteran Inspector General who was appointed to oversee the bailout funds and replaced him with a White House insider.
About the 16 Counties Coalition The 16 Counties Coalition is a year-long grassroots advocacy campaign aimed at amplifying the voices of families and working Mainers and encouraging Senator Susan Collins to vote in favor of the people she was elected to represent and defend. The campaign will mobilize members through small- and large-scale events, through digital action, and paid television, radio, and digital ads.
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