Report: Richest Mainers benefited from tax overhaul, poor will pay more in 2027
When Sen. Susan Collins cast her vote for the 2017 Tax Cuts and Jobs Act, she said the corporate tax cuts would “provide significant relief to lower- and middle-income taxpayers.” However, two years after the passage of that bill, a new analysis shows that while the wealthiest one percent of Mainers saw significant tax breaks, the state’s poorest will see their taxes increase in 2027.
Marking the two-year anniversary of the passage of the Republican tax plan, the progressive 16 Counties Coalition issued the report on Thursday to highlight the local impact of the overhaul.
“Senator Collins said this law would provide tax relief to lower- and middle-income families, but Mainers aren’t feeling it. Instead, it was big corporations and pharmaceutical companies who gained the most,” said 16 Counties executive director Willy Ritch.
“Collins said it would create more jobs and economic growth, but it hasn’t. She said the law would make the tax simpler, but it’s as complicated as ever. She said the corporate tax cuts would pay for themselves instead of adding to our nation’s debt, but our debt has continued to skyrocket,” Ritch continued. “Honestly, I don’t know how you look at this as anything other than a scam designed to benefit corporations and the wealthy.”
Read more: https://mainebeacon.com/report-richest-mainers-benefited-from-tax-overhaul-poor-will-pay-more-in-2027/