0 Comments
by Dana Connors
Here we are, at the beginning of June already! The legislature’s statutory adjournment (Wed., June 16) is right around the corner, and it is anyone’s guess if they will adjourn on time. There are hundreds of bills in the pipeline. The volume of nearly 1,000 bills, as well as their complexity, does not bode well for a June 16 adjournment. Yet, stranger things have happened! LD 498, An Act to Reauthorize a 3 Percent Tax on income Over $200,000 To Lift All Maine Workers out of Poverty, threatens to stifle Maine’s fragile economy. Increasing Maine’s individual income taxes will impact jobs and investments, and will ultimately shrink, not grow, Maine’s economy. This bill punishes success and those who work hard to achieve it. This bill will hurt small businesses that have already been hit hard by the pandemic. In Maine, approximately 80% of businesses are established as LLCs, partnerships, or S-Corps. In those instances, the income from the business flows through to the individual taxpayer(s), and he or she is responsible for paying the income tax directly. The Legislature has consistently lowered the top individual income tax rates since 2011. Any increase would be a step backwards, and Maine cannot afford that!
Maine’s business community is rallying together again – this time on troubling legislation that seeks to reform Maine’s unemployment insurance (UI) system without active input from Maine employers.
|
Archives
April 2024
|