For the past 12 days, the Maine Democratic Party has been highlighting the “12 Days of Corporate Tax Giveaways” ☃️ — putting a spotlight on the two-year anniversary of Senator Collins’ vote for the GOP tax bill that put corporate special interests ahead of hardworking Mainers
When big banks on Wall Street make an investment, they’re looking for a payoff — and it would appear their investment in Senator Collins was worth their while. Wall Street has donated $2.7 million to Collins’ reelection campaigns and after her vote for the tax bill, Wall Street banks reaped billions of dollars in tax breaks. For example: Wells Fargo saved $3 billion in the fourth quarter of 2017 alone, and the tax law boosted JPMorgan Chase’s profits by $3.7 billion.
While the tax law resulted in big rewards for Senator Collins’ Wall Street donors, it was a bad deal for Mainers. All of those tax breaks for corporations and the wealthy are helping add nearly $2 trillion to the national debt — threatening Social Security and Medicare. The law increased health care premiums and created a new marriage penalty for Maine families. It also laid the foundation for a lawsuit that could eliminate coverage protections for the nearly 600,000 Mainers who have a pre-existing condition.
“Two years ago today, Senator Collins voted to put her Wall Street donors ahead of our health care and our future,” said Maine Democratic Party Executive Director Lisa Roberts. “Corporate special interests in Washington are lining up to defend Collins’ seat in 2020, but Mainers deserve a Senator who’s working for us, not the interests of the highest bidder.”
Collins has received $2.7 Million from Wall Street, which got billions of dollars in tax cuts from the tax bill she supported
Wall Street has donated $2.7 million to Collins’ reelection campaigns
1996-Present: Wall Street Has Donated $2.7 Million To Collins’ Reelection Campaigns. According to the Center for Responsive Politics, “commercial banks” industry, “misc finance” industry, and “securities and investment” industry have donated $2,722,595 to Collins over the course of her campaign. [Center for Responsive Politics, accessed 12/4/19]
JPMorgan Chase saw a $3.7 billion tax cut under the Collins-backed tax bill
HEADLINE: “Jamie Dimon Says Tax Cuts Added $3.7 Billion To JPMorgan’s Profit.” [CNN Business, 4/4/19]
2018: JPMorgan Chase CEO “Said Corporate Tax Cuts Boosted The Bank’s Profits To The Tune Of $3.7 Billion Last Year.” “JPMorgan Chase CEO Jamie Dimon said corporate tax cuts boosted the bank's profits to the tune of $3.7 billion last year. In his annual letter to shareholders, Dimon noted that the Trump administration's tax reform was a key factor in the bank's record $32.5 billion haul.” [CNN Business, 4/4/19]
Wells fargo got a “big win” from the Collins-backed tax bill, saving $3 billion dollars
HEADLINE: “Wells Fargo Cheated Millions Of Customers. The Republican Tax Bill Is About To Hand It A Big Win.” [Vox, 12/19/17]
Republican Tax Bill Saved Wells Fargo $3 Billion In The Fourth Quarter Of 2017 Alone. “The GOP tax overhaul saved Wells Fargo & Co. more than $3 billion in the fourth quarter, but the bank also set aside more than $3 billion to cover costs related to ongoing problems with its consumer businesses, the company reported Friday.” [Los Angeles Times, 1/12/18]
Wells Fargo Estimated That Due To The Decrease In Its Corporate Tax Rate From 31% To 19%, It Would Save More Than $3 Billion Annually. “The bank reported it expects to pay an effective tax rate of 19% this year, down from about 31% in previous years. That should amount to tax savings of more than $3 billion annually.” [Los Angeles Times, 1/12/18]
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