Our elected officials continue to face tough questions about how to update our tax code to help working Mainers and aid in our long-term economic recovery from COVID-19:
Should we lay off teachers and first responders or should we make out-of-state corporations and the top 1% pay their fair share to balance the state budget?
Should we give property tax relief to hardworking Mainers or a $10,000,000 loophole to corporations to hide profits overseas?
Fortunately, there are better solutions. We can start by taking back bad tax cuts, closing corporate loopholes, and raising revenue by making sure the top 1% pays their fair share rather than raising property taxes on hardworking Mainers.
Taking Back LePage's Tax Cuts
LePage made significant income tax cuts in 2010 and raised the threshold for the estate tax, favoring the wealthiest Mainers. The income tax breaks for the wealthy alone cost Maine $430 million in revenue every year. As a result, the state has underfunded critical local services, passing on $707 million in property tax increases to the rest of us. Since these tax breaks for the rich began, our schools have been underfunded to the tune of $2.54 billion.
While the wealthiest among us are able to dodge their tax obligations, our working families have been paying their fair share and then some. By restoring the previous income tax brackets, we could ensure that everyone is paying their fair share, and build a fair and equitable economy for all of us.
Ensuring Fair Property Taxes for Everyone.
We’re not going to help hardworking families get back on their feet after the economic earthquake of COVID-19 by cranking up their property taxes.
Ask your elected officials to please consider lowering property taxes for hardworking Mainers anytime our state has a budget surplus. Whenever there is a budget surplus, a fixed percentage would deliver much-needed relief to hardworking Mainers.
Take Action on Corporate Tax Loopholes
There are lots of big multinational corporations that do business in Maine but don’t pay their fair share for the use of our roads, our hard workers and our resources. Some of these corporations use a loophole that rewards them for hiding their profits overseas.
Ask your elected officials to please take back the tax cut and close the loophole generating upwards of $5,000,000 for the state.