Tax Reform
Historic Bill Passed
The Maine Legislature has done something extraordinary. After years
of work (and many failed attempts), Maine passed the first comprehensive
overhaul to its tax code in 40 years. Hailed by the Wall Street Journal
as the “Maine
Miracle,” the new tax plan is designed to spur economic
development, stabilize state revenues, and provide some direct tax relief.
The plan has been
enthusiastically supported by all of Maine’s major newspapers,
Maine’s chapter of American Association of Retired Persons (AARP),
Maine Municipal Association, and by chambers of commerce and business
leaders across the state. ... read more.
BUT tax reform is in jeopardy. There are efforts underway to undo this
historic law. Tax reform is a complicated subject that does not lend
itself to sound-bites and that can be easily manipulated with misleading
or inaccurate information. To read more about MYTHs and TRUTHSs on tax
reform click
here.
Can Maine afford to say NO at this time to another $57 million/year
in our pockets? Can Maine afford to delay making positive changes to
our business climate that are needed to put us in the best position possible
for economic recovery? Can we afford to turn our back on great press
(like the Wall Street Journal’s “Maine Miracle”) by
putting our business community is a state uncertainty for another year?
We think not!
What is Tax Reform and why is it needed (20 minute
powerpoint presentation)
Summary of Enacted Bill
Summary of New Credit System
To see the potential impact of the tax reform on you, see the Maine
Revenue Services informational calculator
Scenarios (Impact on various persons)
An independent CPA’s view Tax
Reform
MYTHs & TRUTHs
Fact Check: A point-by-point response to calculations by Albert DiMillo
Editorials
and Columns
List of Supporting Groups
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