The Senate’s recent passage of the Tax Cuts and Jobs Act has many activists saying that the bill is just a tax cut for the wealthy. It couldn’t be further from the truth.
The Republican tax plan lowers tax rates across the board, including doubling the standard deduction and eliminating the previous 15, 25, and 28 percent tax rates in favor of expanded lower rates. And for all the taxpayers with children, the bill increases the child tax credit to $2,000. Does this seem like a tax cut for the rich?
The Tax Cuts and Jobs Act also rewards Maine’s small businesses with much-deserved tax relief. It establishes a 20 percent deduction for all small businesses earning $500,000 or less each year. Considering that nearly all Maine businesses are small businesses, countless Mainers stand to benefit.
I’m proud of Sen. Susan Collins, who stood for the hardworking people of Maine by supporting tax cuts. Now, let’s hope Congress can close the deal by Christmas.
Beth O’Connor
director, Maine Taxpayers United; Republican state representative, District 5
Berwick
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