The President has signed a historic tax reform into law. While Democrats claim the power of the seer akin to Nostradamus portending wild-eyed apocalyptic doom as a result of wage earners and wage payers keeping more of the fruits of their labors, in the real world of the real truth this new tax structure affords real tax relief to virtually every wage bracket in the United States. Contrary to the liberal narrative, it is not theft for Americans to keep more of their wages.
Immediately the business world has reacted to this news by infusing more money into the pockets of their employees through bonuses and investing in expansion. Maine has seen this first hand with the announcement by CIANBRO of its plan to hire 300 new employees. With the burdens of a outdated, antiquated tax structure lifted, and the roll back of onerous regulatory laws, the business world sees the promise of a bright new horizon for prosperity and is responding with a resounding charge forward.
But it is not just the corporate and business world that will see much needed relief. The threshold for non-taxable income has been significantly raised, helping low income families keep a majority of their hard earned money, raising the hope of building a better tomorrow for their loved ones. The child tax credit has been doubled, an adjustment long overdue.
With the President’s move to sign the bill into law this week, taxpayers will see almost an immediate impact to their personal economies as the new law will be in effect for the February tax season. While critics seem to struggle to wrap their intellect around the common sense doctrine that a citizenry that keeps more of its own wealth is a more wealthy citizenry, the proof of a stronger robust economy is already bearing fruit. Maine would do well to take heed.
Maine must look for ways that it can shrink the size of its overall budget. By lowering the state income tax and eliminating much of its burdensome regulatory bureaucracy, Maine can continue to move towards establishing a fiscal landscape that is both inviting and hospitable to entrepreneur and investor alike. Also of primary concern must be the reduction of the high electrical costs in our state if we wish to compete and grow our economy.
Finally, the Red County Caucus has not been quiet in it’s criticism of recent Republican Party failures. As such, we would be remiss if we did not offer our strong commendation to the Republican Party as a whole for the passage of this historic tax reform. Senator Susan Collins and Congressman Bruce Poliquin, in particular, should be praised for their support of this accomplishment, along with President Donald Trump. Once again, we the citizens of the United States have proven that, with government out of our way, there is nothing quite as powerful as the indomitable spirit of the American people.