Ex-Senate President Troy Jackson has a sexy idea designed to appeal to your wallet. That’s right, a Democrat who says he wants to lower taxes!
The only problem is that Jackson wants to finance his otherwise attractive tax breaks with a fund financed with – drum roll – taxes.
Jackson, running fifth according to the latest poll among a five-person primary field, announced Monday at Bangor Public Library his “economic plan.”
He says he’d cut working-class taxes, lower drug costs, offer down-payment housing assistance, lower child-care costs and fund more long-term care facilities for seniors.
Jackson would even expand the size of government by creating a Department of Housing Affordability.
The only problem with dreams is they typically set us up for failed expectations.
To pay for his Christmas list Jackson says he would raise taxes on the wealthy and consider dipping into the state’s so-called rainy day fund.
But that fund is not designed for free stuff – it’s a reserve account for unexpected crises and providing money during economic calamities.
Officially called the Maine Budget Stabilization Fund, the money it contains is reserve to be used to offset a general-fund revenue shortfall.
The fund had a balance of $1.03 billion as of June.
Jackson actually hasn’t even committed to using that fund to finance his wish list.
All he said is he would “consider” borrowing money from it.
In fact, that may be even worse than choosing an alleged solution and sticking to it.
If Jackson is only “considering” using the rainy-day fund it means he hasn’t even really thought through how to pay for his utopia.
