Re: “Maine Voices: General Dynamics has no business asking for more tax breaks” (Dec. 4):
General Dynamics (owner of Bath Iron Works) has a financial responsibility to its stockholders to ask for any assistance in improving its profitability. The public should demand that their elected representatives act in the community’s best interests.
I have no idea how many General Dynamics stockholders live in Maine, but the 2016 corporate annual report claims the Marine Systems “group’s revenue has increased by more than 20 percent over a three-year period.” The company has been paying dividends and is in a position to buy back shares of its own stock in the amount of $9.4 billion between 2013 and 2016, both indications of a strong position and positive outlook to the future.
The federal tax cut bill recently passed by Congress lowered the statutory corporate tax rate from 35 to 21 percent. General Dynamics will benefit from that. How much more corporate welfare do they need?
General Dynamics provides a desirable work environment and compensation package for its employees, but any concessions by state or local officials to grant a reduction in taxes should consider the impact on the population as a whole. I’ve yet to hear that General Dynamics expects a reduction in the services provided by financially strapped state or local governments.
Is the state, county or city able to claim revenue growth or future prospects as favorable as those of General Dynamics? I believe that my elected representatives should stand firm and demand that General Dynamics be supporting their share of the burden that we all assume as residents and/or business owners.
Peter Morgan
Raymond
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