The Lisbon Reporter

WELCOME TO THE LISBON REPORTER. In an effort to keep our community informed of what is going on at local and Federal levels of government, we decided to create this on-line newspaper. It is our hope that this on-line newspaper will help you stay informed so that you can get involved and take action for the benefit of our ENTIRE community. Thank you for visiting and please check back frequently for information about what is happening in LISBON/LISBON FALLS, MAINE USA

Monday, February 9, 2015

LePage Budget Proposes Significant Tax Changes

By Nathan Strout on January 9, 2015
The Maine Wire

On Friday, Governor Paul R. LePage released his biennial budget. The highly anticipated budget includes significant changes to the state’s tax system, as well as changes to health care and general assistance spending.

Tax Reform

While many suspected that Gov. LePage would eliminate the income tax all together, his tax reform proposal is more modest. Instead of eliminating the state income tax, the budget reduces the top individual income tax rate from 7.95% to 5.75%. The state’s corporate tax rate is also reduced by over 24% to 6.75%.

Taxes on all pensions would be reduced, and taxes on military pensions would be eliminated entirely. Likewise, Maine’s estate tax would be removed.

TO READ MORE: http://www.themainewire.com/2015/01/lepage-budget-proposes-significant-tax/