Maine Beacon: Analysis: Dems’ budget plan would raise taxes on rich, cut rates for 80% of Mainers

A report released this week by a national policy group found that proposed changes to the tax code advanced by the House Ways and Means Committee to pay for the sweeping expansion of the social safety net within Democrats’ $3.5 trillion budget bill could result in a tax cut for 80% of Mainers while only raising taxes on the richest 5% in the state.

The report by the Institute on Taxation and Economic Policy (ITEP) found that the poorest 20% in Maine would see their taxes go down by an average of 8.5%. In contrast, the richest 1% in the state would see their taxes rise by an average of 2.8% while the next richest 4% would see an average increase of 0.5% in their tax bill. Read more