Tax cuts' effect on jobs debated
The expiration of federal tax cuts at the end of this year could lead businesses to delay hiring new employees, according to some state officials, while others say it could boost job growth.
Maine Revenue Services representative Mike Allen told members of the appropriations committee yesterday that if Congress does not extend the Bush-area income tax credits, set to expire Dec. 31, taxes for Mainers could rise by a total of $550 million, according to Capitol News Service. He also said that the uncertainty has led businesses to hold off hiring new employees, the Maine Public Broadcasting Network reported. Rep. Sawin Millett, a member of the committee, told MPBN that an expiration of the cuts would increase the tax burden on business owners and could force them to lay off employees.
But Mike Tipping of the Maine People's Alliance told the news service that most small businesses in Maine would not be affected by the end of the tax cuts. Opponents argue the cuts benefit the wealthy, and that eliminating them would generate $40 billion nationwide that could be used for job creation, according to MPBN.
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