Maine
Maine Center for Economic Policy: Trump Tax Plan Would Give Richest Maine Taxpayers an Average $53,000 Tax Cut and Trigger Deep Cuts to Federal Dollars for Maine
July 20, 2017 • By ITEP Staff
A new analysis from the Institute on Taxation and Economic Policy reveals a federal tax reform plan based on President Trump’s April outline would fail to deliver on its promise of helping middle-class taxpayers, showering three out of every five dollars of the total tax cut on the richest 1 percent nationwide. In Maine, the top 1 percent of the state’s residents would receive an average tax cut of $53,000 compared with an average tax cut of $400 for the bottom 60 percent of taxpayers in the state.
Trump Tax Proposals Would Provide Richest One Percent in Maine with 33.9 Percent of the State’s Tax Cuts
July 20, 2017 • By ITEP Staff
Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Maine would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,212,000 in 2018. They would receive 33.9 percent of the tax cuts that go to Maine’s residents and would enjoy an average cut of $53,220 in 2018 alone.
State Rundown 7/11: Some Legislatures Get Long Holiday Weekends, Others Work Overtime
July 11, 2017 • By ITEP Staff
Illinois and New Jersey made national news earlier this month after resolving their contentious budget stalemates. But they weren’t the only states working through (and in some cases after) the holiday weekend to resolve budget issues.
Maine Center for Economic Policy: What Happens When Those with the Most Pay the Least Taxes?
July 7, 2017 • By ITEP Staff
With the 3 percent surcharge repealed, the state’s tax code is out of balance. Those with the most are asked to pay the least. This means a middle-class family keeps 91 cents on average after state and local taxes for each dollar earned, versus 93 cents kept by the wealthiest in the state. This preferential tax treatment of wealthy Maine household also comes at a cost to roads, public health, and quality education that low and middle income Mainers rely on the most to succeed.
State Rundown 6/28: States Scramble to Finish Budgets Before July Deadlines
June 28, 2017 • By ITEP Staff
This week, several states attempt to wrap up their budget debates before new fiscal years (and holiday vacations) begin in July. Lawmakers reached at least short-term agreement on budgets in Alaska, New Hampshire, Rhode Island, and Vermont, but such resolution remains elusive in Connecticut, Delaware, Illinois, Maine, Pennsylvania, Washington, and Wisconsin.
State Rundown 6/21: Crunch Time for Many States with New Fiscal Year on Horizon
June 21, 2017 • By Meg Wiehe
This week several states rush to finalize their budget and tax debates before the start of most state fiscal years on July 1. West Virginia lawmakers considered tax increases as part of a balanced approach to closing the state’s budget gap but took a funding-cuts-only approach in the end. Delaware legislators face a similar choice, […]
Maine Center for Economic Policy: Senate Republican Vote Defies Will of Voters, Compromises Current and Future School Funding to Give Tax Cuts to Wealthy
June 13, 2017 • By ITEP Staff
According to the Institute on Taxation and Economic Policy, repealing the citizen approved surcharge would give a $16,300 tax break on average to the top 1% of Maine households and cost the state over $300 million in school funding over current and future biennia.
Maine Center for Economic Policy: MECEP Testifies Against Bills to Cut Taxes for the Wealthy at Expense of Maine’s Schools
March 20, 2017 • By ITEP Staff
Augusta, Maine (Monday, March 20, 2017) State legislators on the taxation committee will hold a public hearing today on several bills that would roll back the tax to pay for education enacted under Question 2, the ballot initiative passed by Maine voters in November 2016. As a result of Question 2, the state will have the capacity to provide 55% of school funding mandated by voters previously in 2004.
Maine Center for Economic Policy: Testimony in Opposition to Governor’s Proposed Budget, Parts D, E, and F
February 17, 2017 • By ITEP Staff
These proposed tax changes would stand in the way of building thriving communities and a strong Maine economy. There is a direct correlation between state resources and the ability to be proactive in making the kind of investments that lay the foundations for a strong economy. Cutting taxes for the rich at the expense of everyone […]
Maine Center for Economic Policy: Upside-down tax plan, missed opportunity, and unnecessary and harmful cuts in the governor’s budget proposal
February 2, 2017 • By ITEP Staff
At a time when Maine families are falling out of the middle-class, when experienced workers need new skills to secure good paying jobs in a modern economy, and when state infrastructure is in need of improvement and expansion, the state budget presents an opportunity to solve shared problems and return our quality of life to […]
Maine Center for Economic Policy Releases Findings Related to Distributional Impacts of Governor LePage’s Budget Proposal
January 19, 2017 • By ITEP Staff
MECEP finds that Governor LePage’s budget proposal includes an upside down tax plan that will lead to the following outcomes: Taxes will go up on average for Maine families with income below $92,000. This represents the bottom 80% of Mainers who will see an average tax increase of approximately $85. The top 1% of […]
Maine Center for Economic Policy: Moving Maine Students to the Head of the Class
November 1, 2016 • By ITEP Staff
“This November, Maine voters will consider a ballot initiative (Question 2) that rolls back recent tax breaks for the wealthy and dedicates this revenue toward additional state level resources for schools. The Maine Center for Economic Policy (MECEP) examined the context for this initiative, its potential to promote tax fairness, and its capacity to improve […]
Governing: Back-to-School Tax Holidays Losing Popularity Among Lawmakers
August 30, 2016 • By ITEP Staff
“[Tax holidays] don’t help lower-income people much either, according to the left-leaning Institute on Taxation and Economic Policy (ITEP).” Read more
Maine Center for Economic Policy: When Budgets Unravel: Unlimited deductions will jeopardize schools and safety When Budgets Unravel: Unlimited deductions will jeopardize schools and safety
February 29, 2016 • By ITEP Staff
Read the full report here “Legislators passed a bipartisan budget last year that funds schools, communities, and programs that give a hand up to those most in need. The budget also cuts income taxes for 83% of Mainers and improves the overall fairness of Maine’s tax system by reducing property taxes for all homeowners and […]
Mainebiz: Immigrants key ‘to what Maine needs to solve its demographic challenges’
January 26, 2016 • By ITEP Staff
“There were 44,687 immigrants in Maine in 2013, comprising 3.4% of the state’s population, according to the 2013 American Community Survey. Some 3.2% of business owners in Maine are foreign-born and generate total net business income of $120 million. Undocumented immigrants paid $3.7 million in Maine state and local taxes in 2010, according to the […]
Maine Center for Economic Policy: MECEP Analysis: Better Deal for Maine “Provides Bigger Tax Cuts for More Mainers”
October 21, 2015 • By ITEP Staff
The Maine Center for Economic Policy (MECEP) today released “Distributional Analysis: ‘Better Deal’ Provides Bigger Tax Cuts for Most Mainers while Increasing Investment in Education and Other Critical Services,” a report prepared in association with the Institute on Taxation and Economic Policy, a nationally prominent non-profit, non-partisan research organization that works on federal, state, and […]
Maine Center for Economic Policy: Eliminating Maine’s income tax: A boon to wealthy Mainers, will hurt everyone else
October 21, 2015 • By ITEP Staff
Two weeks ago Governor LePage notified lawmakers of his intention to amend Maine’s constitution to eliminate the state’s income tax by 2020. This may mean the governor has thrown in the towel on his budget proposal that significantly reduces Maine’s income tax and pays for it by increasing sales and property taxes. The response to […]
Maine Center for Economic Policy: Republican Tax Plan Gives Huge Tax Breaks to the Wealthy While Raising Taxes for Working Mainers and Seniors
October 21, 2015 • By ITEP Staff
Legislative Republicans have released a tax plan that is a bad deal for working Mainers and seniors living on fixed incomes. Based on preliminary analysis the Maine Center for Economic Policy conducted in conjunction with the Institute on Taxation and Economic Policy, Mainers with income less than $57,000 will, on average, receive a tax increase […]
Maine Center for Economic Policy: Everything you need to know about the Democratic and Republican tax plans in one chart
October 21, 2015 • By ITEP Staff
Last week Republican legislators released their proposal for overhauling Maine’s tax system. The plan includes income and corporate tax cuts, and eliminates the estate tax, all disproportionately benefiting Maine’s wealthiest earners. It also continues the current 5.5% sales tax rate slated to expire later this year, and increases the meals and lodging tax rate to […]
Maine Center for Economic Policy: The one question Republican legislators need to answer
October 21, 2015 • By ITEP Staff
Last Friday legislative Republicans released their tax plan for the coming two-year budget cycle. In reference to the Republican plan, Maine people deserve an answer to one specific question: “The legislative Republicans’ tax proposal takes money from poor and working class Mainers and gives it to the wealthy. Is this by design or by mistake?” […]
Maine Center for Economic Policy: Where tax fairness is concerned, the legislative Republicans’ tax plan is the worst of all
October 21, 2015 • By ITEP Staff
Republican legislators released their plan for overhauling Maine’s tax system last week. Yesterday MECEP posted a chart comparing the distributional impacts of the Republican and Democratic plans. The key takeaway from that chart was that Mainers whose income is less than $89,000 – the bottom 80% of all Maine taxpayers – fare better on average […]
Maine Center for Economic Policy: Latest Budget Deal modestly improves Maine’s tax system progressivity, future revenue adequacy less certain Latest Budget Deal modestly improves Maine’s tax system progressivity, future revenue adequacy less certai
October 21, 2015 • By ITEP Staff
It is less clear whether or not revenues in the proposal will be adequate to maintain current spending in the future when adjusted for inflation. Both the Better Deal for Maine plan offered by Democrats in April and the majority budget proposal passed by the Appropriations Committee in a 9-4 vote, raise more revenue in […]
Maine Center for Economic Policy: Budget deal includes refundable tax credits for low- and moderate-income Mainers
October 21, 2015 • By ITEP Staff
The tax overhaul agreed upon by legislative leaders in their recent budget negotiations includes several major provisions that affect state and local taxes, including lower income tax rates, a broader income tax base, a doubling of the homestead property tax exemption, an estate tax cut, and permanently higher sales tax rates. Read full report here
Maine Center for Economic Policy: Statement on Gov. LePage’s Proposal to Seek a Ballot Initiative to Reduce Maine’s Income Tax to 4 Percent by 2021
September 22, 2015 • By ITEP Staff
The non-partisan Institute on Taxation and Economic Policy estimates that Mainers with annual income above $175,000 would receive almost 50 percent of the benefits from this massive tax cut. The top 1 percent of Mainers with income greater than $390,000 would get an average tax cut of over $21,000 while the 20 percent of Mainers […]
The Free Press: An Eerily Familiar Tax Reform Plan, with Some Big Revisions
January 15, 2015 • By ITEP Staff
But in the end, the governor’s budget is just a proposal and it will be up to the Legislature to negotiate a final plan. In the coming months, Democrats and Republicans will pore over hundreds of pages of line items and hold public hearings under intense lobbying from various interest groups desperately trying to protect […]
