It may be understandable that Sen. Susan Collins relented to the massive and continuous pressure from her Republican colleagues, including Rep. Bruce Poliquin and Majority Leader Mitch McConnell, and voted for massive new corporate tax cuts. She still has the chance to listen to the ongoing pressure from her constituents and vote “no” on the final bill. I hope she does.
Her initial “yes” vote has sent an out-of-character message to her constituents. She supports 30,000-to-50,000 Maine residents losing medical care coverage under Medicare, Medicaid or the Affordable Health Care Act in order for massive, profitable corporations to get a tax break.
Collins, Poliquin and most Republicans claim they want what is best for Maine’s economy and small businesses. As a business owner myself, I know there is a much better way than a giveaway to my multinational competitors.
Let us start by expanding the earned-income credit for working families instead of giving it away to cash-rich corporations. Those Americans will spend the extra money on necessities, thereby stimulating demand for goods and services and benefiting local businesses. Business owners and shareholders alike will see more profits as increased sales reverberate through the economy.
I call this “trickle up” economics, since spending on goods and services accounts for 70 percent of GDP. The economy will grow and tax collections on new wealth (workers and shareholders, alike) will help pay for even greater investments in communities. All families will benefit and the income inequality that threatens society will decline.
Roy Landesberg, Waterford