Everything you need to know about the Democratic and Republican tax plans in one chart

May 18, 2015 by

Last week Republican legislators released their proposal for overhauling Maine’s tax system. The plan includes income and corporate tax cuts, and eliminates the estate tax, all disproportionately  benefiting Maine’s wealthiest earners. It also continues the current 5.5% sales tax rate slated to expire later this year, and increases the meals and lodging tax rate to 9%. The Republican plan offers no new property tax relief or credits to improve the … Read the rest

Republican Tax Plan Gives Huge Tax Breaks to the Wealthy While Raising Taxes for Working Mainers and Seniors

May 15, 2015 by

Legislative Republicans have released a tax plan that is a bad deal for working Mainers and seniors living on fixed incomes. Based on preliminary analysis the Maine Center for Economic Policy conducted in conjunction with the Institute on Taxation and Economic Policy, Mainers with income less than $57,000 will, on average, receive a tax increase under the Republican plan. That means approximately 60% of Maine people will get a tax … Read the rest

3 unsavory ways to pay for eliminating Maine’s income tax

May 5, 2015 by

Maine’s Constitution requires a balanced budget. Eliminating the state’s income tax, as the governor proposes to do in 2020, will blow a $1.7 billion hole in the state’s budget. That represents close to half of the state’s general fund budget. Here are 3 unsavory ways legislators can balance Maine’s budget without an income tax:

  1. Eliminate all state funding for K-12 education and higher education and half of state funding on
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Eliminating Maine’s income tax: A boon to wealthy Mainers, will hurt everyone else

May 4, 2015 by

Two weeks ago Governor LePage notified lawmakers of his intention to amend Maine’s constitution to eliminate the state’s income tax by 2020. This may mean the governor has thrown in the towel on his budget proposal that significantly reduces Maine’s income tax and pays for it by increasing sales and property taxes. The response to the governor’s original tax plan among members of his own party has been tepid at … Read the rest

Maine Capital Investment Credit: A Bogus “Bonus” Maine Can’t Afford

January 28, 2015 by

Imagine getting an unexpected bonus at the end of the year. It’s a nice windfall that we’d all appreciate. Would you feel differently if that bonus came at the expense of your colleagues getting access to child care? Or if it meant the lowest-paid workers in your organization wouldn’t get a raise? Would it change the major financial decisions you already made for that year based on your earnings?

Bonus Depreciation 1-28-2015smallEffectively … Read the rest

Maine Jobs Recovery Continues to Trail the Nation and New England

December 19, 2014 by

Beyond the good news, bad news stories of businesses expanding or shuttering are broader trends that affirm a critical challenge that too many Maine families are facing: there just aren’t enough good paying jobs to go around. Today’s Maine jobs report from the U.S. Bureau of Labor Statistics (BLS) calls attention to this fact.

For the month of November, Maine’s unemployment rate is 5.7%, roughly the same as the national … Read the rest

Maine’s Jobs Recovery Still Weak

November 21, 2014 by

Today’s jobs report from the U.S. Bureau of Labor Statistics (BLS) doesn’t give us much new information. Maine’s unemployment rate is about the same as the national rate at 5.8% and Maine has recovered less than 60% of the jobs it lost in the Great Recession, which ranks 44th among states.

Although slow population growth and aging baby boomers play some role in limiting our job growth in the … Read the rest

Education Funding Falters in Maine, Has Serious Repercussions

October 16, 2014 by

Maine cuts to school funding since the start of the recession are among the largest in the nation, and the deepest in New England, according to a new study released today. The report by the non-partisan  Center on Budget and Policy Priorities (CBPP), Most States Still Funding Schools Less than before the Recession, found that Maine has cut investment in K-12 education by 13.3 percent since 2008, a … Read the rest

Maine’s Economic Recovery: Limited job growth, persistent underemployment, and declining incomes

September 19, 2014 by

For months, we’ve written about Maine’s anemic economic recovery relative to the rest of the country. Today’s August jobs report does little to change that story. Maine has recovered just 63 percent of the jobs lost during the Great Recession and still ranks 43rd among all states and Washington, DC in its jobs recovery. By contrast, the US has recovered 110 percent of jobs lost in the recession and … Read the rest

July jobs report: Maine continues to lag US, New England recovery

August 18, 2014 by

The July jobs report, released today, raises continued concerns about the strength of Maine’s economic recovery. The state’s July unemployment rate of 5.5 percent remains unchanged from a month ago and is below the U.S. unemployment rate of 6.2 percent for July. That’s good, but today’s data also shows Maine losing ground in terms of job growth.

Maine dropped 900 jobs from the adjusted figures for June including 600 … Read the rest

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