Rep. Jennifer DeChant, a Democratic state lawmaker from Bath, has submitted L.D. 1781 for consideration in Augusta this legislative session. This bill would provide $60 million, over 20 years, in tax subsidies to Bath Iron Works, owned by General Dynamics.
General Dynamics is a wealthy corporation, sitting within the top 100 of the Fortune 500 companies. In 2016, according to Morningstar, the corporation’s top five executives received more than $42 million in compensation.
Maine is not a wealthy state; the list of unmet needs includes a crumbling physical infrastructure, the costs to expand MaineCare, people living with hunger and without housing in our midst and an opiate crisis, to name a few of the key issues.
Bath Iron Works contracts to make expensive naval destroyers, at costs of $4 billion to $7 billion each. Each ship is fully paid for with federal tax dollars, and a healthy profit margin is built in for General Dynamics. In Washington, D.C., Republicans just passed a hefty tax reduction for corporations, which will surely contribute to General Dynamics’ profit margins. There is no plausible reason for Maine taxpayers to contribute even more from our state coffers to enhance General Dynamics’ bottom line.
Please express your opposition to L.D. 1781 to your local legislators. Come to the Taxation Committee hearing in Augusta at 1 p.m. Jan. 30 to show your opposition. Enough is enough!
Mary Beth Sullivan
Bath
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