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Changes to the estate tax are a tax increase on Maine citizens and Maine businesses

6/5/2021

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PLEASE CALL YOUR LEGISLATORS TODAY!
LD 1524 increases the estate tax on Mainers who pass on assets to their children by lowering the estate tax threshold from $5.6 million to $2 million. Increasing estate tax is simply bad tax policy! This bill punishes the hard work and success of Mainers, and the economic future of their kids!
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Please contact your legislators today!

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LD 1524 hurts small businesses.
The estate tax hurts Maine businesses – particularly smaller businesses and farms – that work very hard to pass along assets to their children and grandchildren. This would take away that opportunity and instead slap them with a massive death tax – forcing families to deplete any working capital they may have in the business or sell assets or property to pay the tax. Ultimately, it punishes and penalizes success. 
 
LD 1524 picks winners and losers in Maine ... that’s bad tax policy!
While this bill lowers the exemption amount of a Maine estate from $5.6 million to $2 million for nearly everyone, there is an exception for those engaged in fishing, farming, wood harvesting, and aquaculture. These businesses are penalized with a threshold of $3.8 million. Therefore, the bill picks winners and losers. Why should all the other Maine small businesses that are also passed down from generation to generation be treated any differently?
 
Increasing the estate tax threshold was part of tax reforms undertaken by the Legislature.
The Legislature increased the threshold in 2015 as part of tax reform effort in recognition of the penalizing nature of the estate tax.
 
LD 1524 will cause retirees to flee from Maine.
Increasing the estate tax will encourage retirees to leave the state, taking their assets out of Maine permanently. This will obviously impact revenue collections from the estate tax, future income taxes, and other taxes, as well as charitable contributions! Maine loses!
 
LD 1524 does nothing more than increase taxes on Maine citizens and Maine businesses!
 
PLEASE CALL YOUR LEGISLATORS TODAY AND URGE THEM TO VOTE ‘NO’ ON LD 1524!
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Copyright Maine State Chamber of Commerce. All rights reserved.
 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Katie Clark (207) 233-2230
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Meet the Team
    • Our Board
    • Local Chambers of Commerce
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Member Companies
    • Member Search
  • Public Policy
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • Annual Meeting and Dinner
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Strictly Social
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
    • External Social Media Policy
  • Member Login
  • AI In Action