As we approach the two-year anniversary of Senator Collins’ vote for the GOP tax bill, Maine Democrats will highlight how Senator Collins put corporate special interests ahead of hardworking Mainers in a series we’re calling the “12 Days of Corporate Tax Giveaways” 🎁💰☃️

 

T-Mobile netted at least $2.2 billion in tax breaks thanks to the 2017 GOP tax bill. And just six days after Senator Collins voted for the bill, T-Mobile’s Corporate PAC made a large contribution to her campaign. 

 

The tax bill was so good for T-Mobile that their CEO said under the new law they wouldn’t “be in a cash tax-paying position until 2024”. The same month that the tax bill passed, the company announced $1.5 billion in stock buybacks, ensuring that the benefits would overwhelmingly go to wealthy shareholders, not workers or consumers.

 

But while the GOP tax bill helped corporations like T-Mobile skip out on paying their fair share, tens of thousands of Maine families have seen their tax bills go up under the new law.

 

“Many Mainers are seeing their tax bills go up while big corporations make out like bandits,” said Maine Democratic Party Executive Director Lisa Roberts. “Senator Collins may be keeping her corporate special interest donors happy, but we deserve a Senator who puts hardworking Mainers first.”

 

 

T-Mobile’s Corporate PAC donated to Collins during tax bill debate and then T-Mobile received $2.2 billion tax breaks from Collins-backed bill

 

T-Mobile Corporate PAC contributed $1,000 to Collins just days after her vote to pass the tax bill

 

12/26/17: T-Mobile USA PAC Contributed $1,000 To Collins For Senator. [FEC, Collins for Senator Itemized Receipts, 12/26/17]

 

T-Mobile received $2.2 billion in tax breaks from Collins-backed tax cuts, conducted a $1.5 billion stock buyback

 

Reuters: T-Mobile “Recorded A $2.2 Billion Gain” From Tax Law. “T-Mobile US Inc’s (TMUS.O) quarterly profit jumped nearly sevenfold as the No. 3 U.S. wireless carrier recorded a $2.2 billion gain from recent changes in U.S. tax laws.” [Reuters, 2/8/18]

 

HEADLINE: “T-Mobile: ‘We Won’t Be In A Cash Tax-Paying Situation Until 2024’ Under Reform.” [Fierce Wireless, 12/6/17]

 

T-Mobile CFO Braxton Carter Said Republican Tax Cuts Would Make It So That T-Mobile Would Not Have To Pay Any Taxes Until 2023 Or 2024. “‘With the tax reform—and it is looking like it’s going to be a reality and we’re really excited about it—we’ve modeled the various versions of the House and Senate bill,’ Carter said this morning during an investor conference. ‘And the bottom line is we think that we won’t be in a cash tax-paying situation given the immediate expense of capex, given the reduction of the rates—I mean even considering what could be adverse, for a short period of time, limitations on the deductibility of interest—we are not going to be in a cash tax-paying position based upon the current modeling until 2024, very end of 2023.’” [Fierce Wireless, 12/6/17]

 

December 2017: Ahead Of The Republican Tax Cuts, T-Mobile Announced A $1.5 Billion Stock Buyback Plan. “T-Mobile announced a $1.5 billion stuck buyback program on Wednesday morning. ‘This repurchase program underscores our Board of Directors’ and management team’s confidence in our business and our commitment to creating value for shareholders,’ said T-Mobile President and CEO John Legere. ‘Our strong balance sheet and cash flow generation give us the ability to return capital while continuing to make significant investments in our network and operations.’ T-Mobile is one of many companies expected to initiate stock repurchase programs ahead of the GOP tax overhaul.” [CNBC, 12/6/17]

 

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