State of Maine Archives: on Corporations
Examine corporate tax breaks; avoid clawbacks by better deal
Q: Will you support legislation that would allow the State to clawback tax breaks from companies that fail to meet job creation goals or for companies that move jobs out of state after accepting Maine tax breaks?
A: Many of those tax breaks were
enacted years ago for purposes that seemed important at the time and that perhaps we could then afford. But for the most part, they've been on autopilot; most have never been closely evaluated to see if they're still working, still needed, and still
accomplishing their goals (if they ever did). They should be identified in our budget as expenditures that we have chosen to make.
As for clawbacks, we need to make sound deals in the first place with companies
that have a good track record, pay good wages, and take advantage of Maine's competitive advantages. Sound deals will contain remedies against companies that fail to live up to their responsibilities.
Source: AFL-CIO Questionnaire on 2014 Maine Gubernatorial race
Oct 16, 2013
Capital investment goes where it is welcomed
Eighteen Maine communities are now designated as business-friendly. There is so much work left to do. Once again, Forbes ranks Maine dead last in the nation when it comes to being business friendly.
We can disagree with Forbes analysis; however, America's job creators listen to them. Denial or sticking our heads in the sand will not change the reality.
We must put ideologies aside and get to work to make Maine a competitive and prosperous state.
AL, SC, IN, and TX are attracting huge investments by companies, providing higher paying jobs for their residents, without exorbitant taxpayer subsidies.
Why shouldn't Maine people benefit from the same economic opportunity? Remember one simple truth: "Capital investment goes where it is welcomed--and stays where it is appreciated."
Source: 2013 State of the State speech to Maine Legislature
Feb 5, 2013
Depreciate bonuses; reduce business tax rate to under 8%
To help create jobs in Maine, we include bonus depreciation for businesses investing in our economy's future. We increase the exemption for the death tax to make it easier to pass a family business to the next generation and to reduce the
incentive for moving wealth out of Maine. And we lower the tax rate on families and business success from 8.5% to 7.95%, the lowest top income tax rate in Maine since 1975.
Source: Maine 2011 State of the State Address
Feb 10, 2011
Excess corporate pay rewards risk-taking over results
Collins called for extensive congressional oversight hearings to determine what went wrong and what needs to be done. She said there should be more pressure on corporate boards to curb excessive executive compensation that rewards risk-taking over
long-term results, and called for more market discipline. Collins stopped short of endorsing more regulation of the country’s financial institutions. “It’s not a matter of too little or too much regulation but the right regulation,” she said.
Source: 2008 Maine Senate debate reported in Kennebec Journal
Sep 21, 2008
Page last updated: Feb 28, 2017