12 Days of Corporate Giveaways: Raytheon Corporate PAC Donated to Senator Collins During Tax Bill Debate, Then Passed On The Benefits to Wealthy Shareholders

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” ☃️

In the leadup to the vote on the GOP tax bill in 2017, Raytheon’s Corporate PAC donated to Senator Collins’ campaign. Then, just two days after Collins’ vote for final passage of the bill, the defense contractor’s Corporate PAC contributed an additional $4,000 to Senator Collins’ Leadership PAC.

The GOP tax bill was good for defense contracting behemoth Raytheon. The law boosted its profits and enabled them to buy back $1.3 billion worth of stock. Rather than investing in new projects and creating jobs, Raytheon’s Finance Chief made it clear that the company was focused on “returning capital to shareholders through share buybacks and dividends” in the wake of the bill.

The tax bill that benefitted Senator Collins’ corporate special interest donors hurt her constituents back home in Maine. The bill has raised health care premiums, created a marriage penalty for Maine families, sparked a lawsuit would end coverage protections for the nearly 600,000 Mainers who have a pre-existing condition and is adding nearly $2 trillion to the national debt— threatening Social Security and Medicare.

“Mainers don’t want their Senator working for the interests of big corporations and wealthy shareholders in Washington,” said Maine Democratic Party Executive Director Lisa Roberts. “We need a Senator who fights for us, and Senator Collins has proven she’s no longer up to the task.”

Raytheon Corporate PAC donated thousands to Collins during tax bill debate, Raytheon turned around and paid out the benefits to shareholders

Raytheon donated $5,000 to Collins and her leadership PAC during the tax bill debate

December 11, 2017: Raytheon PAC Contributed $500 To Collins For Senator. [FEC, Collins for Senator Itemized Receipts, 12/11/17]

December 22, 2017: Raytheon PAC Contributed $4,000 To Dirigo PAC. [FEC, Dirigo PAC Itemized Receipts, 12/22/17]

Raytheon repurchased $1.3 billion in stock following passage of Collins-backed tax bill, primarily benefiting corporate shareholders

HEADLINE: “Raytheon Says Corporate Tax Cut Set To Boost Future Profits.” [Reuters, 1/25/18]

2018: Raytheon Repurchased $1.3 Billion Worth Of Stock Following Passage Of Tax Cuts And Jobs Act. “[Raytheon] Embarked on big share buyback programs spurred in part by the ‘Tax Cuts and Jobs Act’ passed by the Trump administration in late 2017 […] Both Northrop Grumman and Raytheon bought back $1.3 billion of their shares last year. This buyback spree has been one of the biggest boosts to the stock market otherwise spooked by trade wars and political uncertainty.” [QZ, 2/4/19]

Raytheon Said The Corporate Tax Cuts Allowed It To Pre-Pay Some Of Its Obligation, “Freeing Up Funds The Company Can Return To Shareholders.” “Tomahawk missile maker Raytheon Co (RTN.N) said on Thursday a recent U.S. corporate tax cut allowed it to pre-pay some 2018 pension obligations, freeing up funds the company can return to shareholders.” [Reuters, 1/25/18]

Raytheon Finance Chief Toby O’Brien Said Raytheon Was Focused On “Returning Capital To Shareholders Through Share Buy Backs And Dividends” In The Wake Of The Tax Bill’s Passage. “The company said it will focus on ‘returning capital to shareholders through share buy backs and dividends, making small targeted acquisitions that fit our technology and global growth needs,’ said Raytheon’s finance chief, Toby O’Brien.” [Reuters, 1/25/18]

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