The GOP tax bill was a nearly $2 trillion tax giveaway to America’s wealthiest companies and individuals – while leaving Mainers behind and threatening crucial programs like Social Security and Medicare. With the money handed to corporations in tax refunds and extra profits, hardworking Mainers could have received significant benefits that instead went to the richest individuals and companies in the country.
Here’s what the corporate tax giveaways could have paid for in Maine:
- The $28 billion giveaway to big banks could have paid off all Maine student loan debt four times over.
- The $595 million giveaway to Eli Lilly could have paid for 1,105,947 prescriptions of its insulin drug Humalog.
- The $7 billion tax break for four big drug companies could have paid for the $1.4 billion in total prescription drug costs for the entire state of Maine last year, 5 times over.
- The $1.7 billion refund to Blue Cross Blue Shield thanks to the tax law could have paid for a $6,000 tax break for every middle class family in Maine.
- The $3.7 billion windfall for JP Morgan could have paid for more than a full year of every Mainers’ property taxes.
- The $8 billion giveaway to ExxonMobil and Chevron could have paid for every Mainer to refill a 15-gallon gas tank every week for 3 years.
- The $11 billion windfall to Pfizer could have paid for more than 18 million of its two-packs of EpiPen injectors.
- The $9.3 billion boost to Charter Communications, which owns Spectrum, could pay for the expansion of broadband across all of Maine, eight times over.
- The $28 billion in extra profits for big banks could have purchased a new 2020 Ford F-150 Lariat Supercrew for nearly every Maine household.
Through her vote on the GOP tax bill, Senator Collins made clear once again that she puts her special interest corporate donors ahead of Maine families. Over the course of her career, Collins has taken more than $5 million in corporate PAC donations, and consistently voted in their interests.
By contrast, Sara Gideon is refusing donations from corporate PACs in her campaign for U.S. Senate so that it will always be clear that she is working for Mainers. In the State House, Gideon has delivered results for Maine families, passing meaningful property tax relief, addressing the opioid crisis, and cracking down on big drug companies for their skyrocketing prices.