The Bill Would Nix Tax Changes Senator Susan Collins Fought For in Stimulus That Ensure 88 Percent of Benefits Go to Americans Earning Over $1 Million Per Year
Portland, MAINE — Today, Maine Senator Angus King announced he is co-sponsoring a bill to end a tax break included in the phase-three coronavirus legislation that largely benefits the one percent of Americans who make over one million dollars annually. Analysis of the tax changes reveals that provisions Maine Senator Susan Collins and Senate Majority Leader Mitch McConnell fought to include benefit many of the same companies and wealthy individuals who received tax breaks in the 2017 Republican tax plan.
Willy Ritch, executive director of 16 Counties Coalition issued this statement in response:
“We applaud Senator King for supporting this legislation that puts regular Mainers over the wealthiest Americans. Senator Collins’ lack of support for this commonsense bill is just the latest example of where her priorities lay: with wealthy campaign donors and not the Mainers who need her to fight for them, especially during this global pandemic. Once again, while the rest of Maine’s congressional delegation is working hard to deliver real support for everyday Mainers in need, Senator Collins continues to follow Mitch McConnell’s lead and put the interests of big corporations and millionaires first.”
According to a report on the details of the coronavirus by the Joint Committee on Taxation, the changes to tax laws will allow massive corporations, particularly real-estate investors like White House Senior Advisor Jared Kushner, and President Trump’s son-in-law, to write-off 100 percent of their losses.These companies also received significant tax benefits in the 2017 Republican Tax Cuts and Jobs Act (TCJA) championed by President Trump and Majority Leader McConnell, and for which Senator Collins cast the deciding vote. While they claimed the bill would benefit middle-class taxpayers,83 percent of the TCJA tax cuts went to the one percent.
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