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Divided tax committee endorses surcharge bill for high-wage earners sunjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sunjournal.com Daily Mail and Mail on Sunday newspapers.
Updated May 18 Divided tax committee endorses surcharge bill for high-wage earners The Legislature s Taxation Committee voted 6-5 Tuesday to advance a bill that would tack a 3% surcharge on taxable income over $200,000. Share The Legislature’s Taxation Committee Tuesday narrowly approved a bill that would raise more tax money from top wage earners in Maine by tacking a 3 percent surcharge on taxable income over $200,000. The vote came during debate over 10 bills that sought to change the state’s tax brackets or add surcharges on top earners. The 6-5 party-line vote on the surcharge bill with Democrats on the committee backing the measure and Republicans opposing it came as lawmakers rejected eight other bills to either raise taxes on top earners or create a straight 5 percent tax rate. ....
PPP tax compromises still not a done deal at statehouse The Legislature is still trying to find a compromise to avoid taxing thousands of businesses for the benefit they got under the federal Paycheck Protection Program. Author: Don Carrigan Updated: 2:44 PM EST March 6, 2021 AUGUSTA, Maine Three weeks after the Mills Administration announced a plan to tax thousands of Maine businesses for part of their PPP loan money, businesses are still waiting for a final decision, while lawmakers are still at odds over what that decision should be. On Tuesday, Governor Mills came out with a compromise that would leave 99 percent of the businesses the received PPP loans paying no tax on that money. The plan would basically exempt businesses that received less than a million dollars in PPP loan funds from paying state income tax. Congress already made those funds off-limits from federal income taxes. ....
On Friday, Mills told NEWS CENTER Maine she is confident they will find a more palatable way to balance the budget. “We’re talking to other states, listening to the business community, listening to people, across the state, legislators, and finding the best solution,” the Governor said in a Zoom interview. The tax debate is the first real controversy of this Legislative session. Members of the Taxation Committee were asked by Republicans to vote against the plan and tell fellow lawmakers the state should not tax the PPP benefits. Leading GOP committee member Rep. Ted Kryzak said there should instead be curs to the current budget –which runs out in June to keep it in balance. ....