Yesterday, House and Senate Democrats rolled out a budget proposal that delivers where Governor LePage’s budget failed. We’ll be diving into the details in the coming days but our first take is that it gets to work solving the problems Maine people have been asking their elected officials to fix so that we can have a strong economy and thriving communities.
As the deadline for filing income taxes approaches, tens of thousands of Mainers who don’t owe any income tax should still file a return in order to benefit from refundable state tax credits.
Maine’s income tax forms include two new refundable credits this year. That means that even if you owe no income tax, you could still get a refund of as much as $1,000.
The two credits … Read the rest
President Trump’s budget proposal, unveiled on Thursday, would have dramatic and detrimental effects on Mainers across the state, as it eliminates or reduces federal spending on a number of critical programs that help Maine build a strong economy and vibrant, thriving communities. Nearly every department of the federal government faces a reduction in its budget, which translates to across-the-board impacts at the state level, from … Read the rest
New analysis by MECEP shows that the Washington Republicans’ plan to replace the Affordable Care Act will hit Mainers especially hard, due to the restructuring of federal subsidies for health insurance purchased through the individual market. The House GOP plan, officially known as the “American Health Care Act” (AHCA), was unveiled Monday. Among a number of provisions, it seeks to shift federal subsidies for health … Read the rest
Economic impact analysis is not an exact science. It is rife with assumptions. Bad assumptions result in bad analysis. And bad analysis yields bad public policy.
Look no further than the “Kansas experiment” for the disastrous consequences of policy based on such junk science. The mastermind behind the Kansas tax reform, Arthur Laffer, is notorious for peddling an economic theory that has no grounding in the real world. … Read the rest
To pay for tax cuts for the rich, LePage budget shifts tens of millions of dollars onto the backs of homeowners
To see how the governor’s proposal to repeal the homestead exemption would affect property taxes in your town, CLICK ON THE INTERACTIVE GRAPHIC IN THIS BLOGPOST.
Governor LePage’s budget proposal offers tax breaks worth $23,000 annually to Maine’s 1%, while asking homeowners to pay an average of $300 more in already historically-high property taxes. The budget proposes elimination of the homestead exemption for Maine homeowners under the age … Read the rest
The Maine Sunday Telegram’s (MST) recently published, above the fold, front page story on the impacts of Governor LePage’s tax plan comes up short in its analysis of the costs and benefits to Maine families of the LePage tax plan. Aside from overstating the benefits from proposed income tax changes, the article fails to account for the impact of proposed sales and property tax changes on the bottom … Read the rest
Upside-down tax plan, missed opportunity, and unnecessary and harmful cuts in the governor’s budget proposal
At a time when Maine families are falling out of the middle-class, when experienced workers need new skills to secure good paying jobs in a modern economy, and when state infrastructure is in need of improvement and expansion, the state budget presents an opportunity to solve shared problems and return our quality of life to the way life should be.
Governor LePage’s final biennial budget, released last week, … Read the rest
The voter-approved minimum wage increase takes effect tomorrow, increasing wages for 74,000 Mainers. Nearly 30,000 additional Maine workers are expected to receive a raise this year as employers adjust their pay scales to compensate workers earning wages near the new minimum.
The new law increases the minimum wage from $7.50 to $9.00 an hour this year and will increase the minimum wage by a dollar each year until … Read the rest
Mainers vote for MECEP-backed initiatives to raise the minimum wage, rollback tax breaks for the wealthy to fund education
On November 8th, Maine voters approved two referendum questions the Maine Center for Economic Policy (MECEP) strongly supported and for which we provided critical research and analytical support.
MECEP helped to conceive Question 2, the initiative to rollback recent tax breaks for the wealthy to increase education funding. This measure places a three-percent surcharge on taxable annual household income above $200,000 and will generate more than $150 million … Read the rest