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Maine State Chamber opposes bills targeting wealthy taxpayers

5/7/2021

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On Thursday, May 6, the Joint Standing Committee on Taxation held a public hearing on four more bills that would increase income taxes on high earners in the state. These bills join the lengthy list of the bills the committee has already heard. The Maine State Chamber of Commerce opposed all four bills.
Sponsored by Rep. Thomas Harnett (D-Gardiner), LD 1135, An Act to Promote Fairness in Income Tax Rates by Making Them More Progressive, provides for four income tax brackets – instead of three – and raises the top rate for individuals from 7.15% to 10.15% for individuals whose income exceeds $100,000 for single or married filing separately, $150,000 for heads of households, or $200,000 for married filing jointly.  

Sponsored by Rep. Joseph Perry (D-Bangor), LD 1289, An Act to Cut Property Taxes for Maine Residential Homeowners, would increase the top income tax rate for individuals from the current 7.15% to 7.95% on those folks whose income exceeds $300,000 for single filers or married filing separately, $450,000 for heads of households, or $600,000 for married filing jointly. Revenue raised from the new taxes would be used to increase the homestead exemption from $25,000 to $55,000.

Sponsored by Rep. Ben Collings (D-Portland), LD 1443, An Act Regarding Higher Income Tax Levels, would establish five new income tax brackets – each of which contains five new levels of rates for those whose income exceeds $100,000 for single or married filing separately, $150,000 for heads of households, or $200,000 for married filing jointly. The new rates start at 9.15% and increase to 13.15% depending on your level of income.  

Sponsored by Rep. Grayson Lookner (D-Portland), LD 1500, An Act to Bring Equity to Maine’s Tax Laws by Adjusting Certain Individual Income Tax Rates, would raise the top individual income tax rate from 7.15% to 12.4% on income exceeding $200,000 for single or married filing separately, $300,000 for heads of households, or $400,000 for married filing jointly.  

If you have any questions, please contact Linda Caprara by calling (207) 458-2133 or (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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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 Jen Webber, (207) 939-0213
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • 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
  • Member Login