When it comes to taxes, elections can make a huge difference in the amount of money in our pockets. Late last year, the U. S. Congress and the Senate passed and President Donald Trump signed a bill to make sweeping changes to the federal tax code. The changes included reducing tax rates, reducing the number of tax brackets, reducing taxes on small businesses, and a major reduction in the corporate tax rate.

The measure was passed mainly by the Republican majority in the House of Representatives and exclusively by the Republican majority in the Senate. The Republicans have been heralding the huge impact the tax reform bill will have on making the economy great again. The Democrats, led by House Minority Leader Nancy Pelosi, have been saying that the tax reform only benefits the rich, with only “crumbs” for the everyday American. As you will see below, if the result of this tax reform is “crumbs,” then Americans will want more of them.

I can completely understand why former Speaker Pelosi would think that the benefits to the everyday American are minimal. It is estimated that the three homes that she and her husband own are worth somewhere around $40 million. However, it should also be noted that former Speaker Pelosi and her husband, within days of the bill’s passage, moved to sidestep a provision of the new tax bill that would penalize the rich by eliminating the deduction for excessive real estate tax. They paid all of their real estate taxes for the next year before Dec. 31st in order to avoid losing those deductions.

In the past few weeks, former Speaker Pelosi has stated that if the Democrats regain the majority in Congress this November that they will rescind the tax cuts and raise taxes. If the Democrats do in fact retake the House of Representatives in November, former Speaker Pelosi is the leading candidate to become the Speaker once again. She would certainly have the power to then push for tax increases.

It is also understandable how Democratic U.S. Rep. Chellie Pingree would follow her leader in not wanting to allow Maine people to keep the benefits of the tax reduction as she is a multimillionaire and voted against the tax reform bill. Following right along is our multimillionaire, Independent-in-name only/Democratic Senator Angus King, who also voted against the tax reforms. With assets such as these, it is understandable that they might view bonuses, tax reductions, and wage increases as not significant to their constituents.

We need to put these benefits in perspective. Camden National Bank, a Maine company headquartered in the Midcoast, announced almost immediately after the tax reform package was passed that it would be giving a $1,000 bonus to full-time employees and a $750 bonus to part-time employees (the “rich” executives at Camden National received nothing from this action). These bonuses were followed by Camden National Bank ordering a review of base wages to see if an across-the-board wage increase could be implemented for these same employees. Camden National Bank’s action has resulted in an estimated $620,000 being infused into Maine’s economy. Other Maine companies have since joined Camden National Bank in offering bonuses and wage increases based upon the tax reform changes.

What other benefits have Maine workers receive? It is estimated that about 80 percent of working people have experienced reduced payroll tax deductions as a result of the tax reform bill. Has this been a huge amount of money? It is impossible to know. However, $10, $15, or even $20 a paycheck may be insignificant to those who voted against tax reform, but to the people who receive those paychecks, it is real money.

The largest and most important benefit of the tax reform package is an expanding and growing economy. This expansion has created more jobs and reduced unemployment to record lows. The creation of more jobs has put pressure on the number of workers available, which in turn has created more pressure for wage increases as employers must compete for workers. Bonuses, more take-home pay, more jobs, and higher wages will benefit the everyday American in a huge way.

Taxes and elections are related. When considering your votes in June and then in November, make sure that the candidates that you support will retain the current tax reforms and find ways to decrease taxes even more. Chellie Pingree and Angus King are both up for reelection this November. Maine workers should remember that both of these politicians voted against your receiving a bonus, an increase in take-home pay, a wage increase, or a new, higher-paying job.

Another View is written on a rotating basis by a member of a group of Midcoast citizens that meet to discuss issues they think are of public interest