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Lawmakers consider bills that could change tax brackets in Maine WGME
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AUGUSTA (WGME) – State lawmakers are looking at a number of proposals that could change your income tax rate.
Moving Maine forward through changing the current income tax system, that’s the goal for lawmakers pushing these bills but how they get there is different.
“Everybody should be able to keep more of the fruits of their own labor,” said State Representative John Andrews, a libertarian from Paris.
Andrews says his bill would replace the current tax structure for individual income taxes with a flat 5% tax imposed on all Maine residents.
3 weeks ago in Local Photo: 560 WGAN Newsradio
Some Maine lawmakers are proposing plans that could change your income tax rate.
According to CBS 13, State Representative John Andrews, a libertarian from Paris, is proposing a flat 5% rate for individual income taxes. He says it would help business owners, especially those who have felt the economic impact of the pandemic.
Meanwhile, Democratic Representative Josh Perry of Bangor says his bill would create a new income tax rate of 7.95% starting January of next year. It would be for earned income over $300,000 for single individuals and $600,000 for married couples filing jointly. Perry says that while it is an increase, it would also boost the homestead exemption value for many homeowners.