As we approach the two-year anniversary of Senator Collins’ vote for the GOP tax bill, Maine Democrats will highlight how Senator Collins put corporate special interests ahead of hardworking Mainers in a series we’re calling the “12 Days of Corporate Tax Giveaways” ☃️
Senator Collins is an ardent supporter of the GOP tax law, and Verizon has been an ardent supporter of Senator Collins. Together, the corporation’s PAC and employees are one of Collins’ top 15 career contributors.
Verizon campaigned hard for the GOP tax bill, insisting that it would boost job creation and allow employees to “further share in the company’s success.” But just one year after the tax bill Senator Collins supported allowed Verizon to secure a $4 billion tax break, the wireless carrier laid off 10,000 employees.
Not only did the tax bill not lead to the job growth that Verizon promised, it hurt Senator Collins’ constituents in Maine. The bill raised health care premiums and created a marriage penalty for Maine families all while laying the foundation for a lawsuit that has put coverage protections at risk for the nearly 600,000 Mainers who have a preexisting condition.
“Senator Collins’ vote for the GOP tax bill sold out Mainers so her giant corporate special interest donors could pad their profits,” said Maine Democratic Party Executive Director Lisa Roberts. “Washington Republicans were lying when they promised massive job creation in exchange for tax cuts, and Senator Collins helped enable this deceptive scheme.”
After Collins received tens of thousands from Verizon, the tax cuts she supported saved Verizon $4 billion even as it laid off workers
Collins has received $59,000 from Verizon
1996-Present: Verizon’s PAC And Employees Donated $59,000 To Collins’ Campaign, One Of Her Top 15 Career Contributors. [Center for Responsive Politics, accessed 12/4/19]
Verizon got a $4 billion immediate tax break from the Collins-backed tax bill, laid off 10,000 workers just one year later
HEADLINE: “Verizon Expects $4 Billion Boost From Tax Cuts.” [Bloomberg, 1/23/18]
HEADLINE: “Tax Law Saves Verizon $17 Billion In Deferred Taxes.” [Wall Street Journal, 1/17/18]
HEADLINE: “Verizon Trims 10,000 Employees Despite Billions In Tax Cuts And Government Favors.” [Vice, 12/11/18]
Verizon Received $4 Billion In Tax Breaks From The Tax Bill And $17 Billion In Deferred Liabilities. “Similarly, Verizon was one of several companies that insisted the Trump tax cuts would help boost job creation and, as Verizon put it, help employees ‘further share in the company’s success.’ The cuts gleaned Verizon an estimated $4 billion this year up front, and another estimated $17 billion off of the company's deferred tax bill.” [Vice, 12/11/18]
Verizon Claimed That The Republican Tax Cuts Would Help Create Jobs, But Announced Just A Year After The Tax Cuts Were Passed That It Would Be Laying Off 10,000 Workers. “Verizon this week announced it would be trimming its workforce by more than 10,000 employees—despite repeatedly claiming the bevy of tax breaks and regulatory favors it has received in recent years would boost job creation and network investment. […] Similarly, Verizon was one of several companies that insisted the Trump tax cuts would help boost job creation and, as Verizon put it, help employees ‘further share in the company’s success.’ The cuts gleaned Verizon an estimated $4 billion this year up front, and another estimated $17 billion off of the company's deferred tax bill.” [Vice, 12/11/18]
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