People in Maine and across the country are still waiting for the economic recovery to take hold. Even with some signs of relief, many things are still holding us back — our nation’s jobless rate and economic security among them.

That is why we need Congress to take action soon to avoid tax rates on dividend income, which currently are capped at 15 percent in order to encourage investment and job growth, from skyrocketing on Jan 1.

The current cap on dividend taxes rates, as well as a host of other tax cuts, is set to expire on Dec. 31.

And while there is a lot of talk about the upcoming “taxmaggedon” this could cause, there doesn’t seem to be much in the way of action from Congress.

There needs to be, and soon. If not, Americans at all income levels, not just the wealthy, will feel the pinch.

That is because tens of millions of Americans benefit from lower taxes on dividends.

A lot of our nation’s seniors, for example, depend on this income to supplement their personal retirement funds. And keeping dividend taxes low encourages investment in the companies that create jobs.

Raising taxes on dividends now would put our seniors in harm’s way, weaken American companies that are trying to grow and create more jobs, and undermine our entire economy. Congress should act on this before it is too late.

Joanne Desjardins

Wales

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