LD 1524 increases the estate tax on Mainers who pass on assets to children by lowering the estate tax threshold from $5.6 million to $2 million. Increasing the estate tax is simply bad tax policy. This bill punishes the hard work and success of Mainers, and the economic future of their children!
Please Contact Your Legislators Today And Urge Them to Oppose LD 1524!
LD 1524 hurts small businesses.
The estate tax hurts Maine businesses, particularly smaller employers and farmers who work very hard to pass long 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 have in the business or sell assets or property in order 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 back 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!
Don’t Delay! Call your legislators TODAY
and urge them to VOTE NO on LD 1524!