There has always been an ongoing struggle between big government and big business. Often it is the American citizen that gets caught in the crossfire.
While we love to see businesses thrive, often the most powerful corporations in America create an uneven playing field that only benefits themselves. The virtues of a free market are compromised as lobbyists sway our lawmakers into creating policy that only helps a few.
If we are to succeed economically in the 21st Century, all businesses must have the opportunity to thrive. That means eliminating outrageous tax breaks that only help a certain segment of private business. Ensuring that all companies—big and small—are paying a fair tax can ensure healthy growth, jobs, and a stronger economic future.
That’s exactly what Eric Brakey hopes to achieve in Maine with his proposed bill.
A Republican state lawmaker says he wants to get rid of what he calls corporate welfare – dozens of tax breaks targeted to help specific industries…
Sen. Eric Brakey, R-Auburn, said his bill would eliminate an array of 47 state tax credits or exemptions for corporations in a range of industries and would result in as much as $225 million a year in additional tax revenue for the state budget. Brakey said ending the benefits would give the state the resources it needs to entirely eliminate its corporate income tax. (Portland Press Herald)
Now the elimination of tax breaks for businesses might seem counter to Libertarian goals, but it will enable Maine to eliminate the heavy burden of corporate income tax. This bill will get rid of sales tax exemptions and other state tax credits for businesses. But it will allow all businesses to benefit from the removal of income tax.
Do you want to know who’s not happy with this bill? Lobbyists of course. They are mounting a strong campaign against it, claiming it would harm businesses. Yet Brakey’s bill will only ensure a level playing field for all companies in Maine. In fact, it would attract new businesses and create jobs.
Under the current climate, the state of Maine has cherry-picked tax exemptions for certain businesses and industries. Which ones? The ones with the most powerful lobbyists. Smaller businesses, or ones that cannot afford lobbyists, are forced to pay high income tax.
It’s time we end the era of lobbyist-controlled government. All Americans deserve liberty and opportunity to succeed, not just the ones with powerful advocates working for them. Should Brakey’s bill go through, all businesses would thrive in Maine; the biggest corporations would no longer shift things to their advantage. Real competition for all industries would drive prices down, increase quality, and create more jobs.
Brakey said that beyond being able to eliminate the state’s corporate income tax entirely, the bill also could provide between $50 million and $80 million for lowering the state’s personal income tax rate.
He said the change, if approved, would move Maine from being one of the worst states for business, according to the nonpartisan Tax Foundation, to being tied for first place with states like Texas and Nevada, which have no corporate income tax.
Why not try it, Maine? Why hold to policies that are driving businesses away? How about, for once, creating laws that make you attractive to businesses of all sizes?
Worth a shot.