Raise taxes on #Maine’s wealthy? Some of them are OK with that

An added 4% tax on incomes over $1 million and capital gains over $250,000 could generate more than $200 million in annual revenue for the state, according to estimates provided to lawmakers.

by Randy Billings, Posted March 26. 2025

Excerpt:
"Libby Delucia-Harting traveled from her home in Portland to the State House in Augusta on Wednesday with an unusual request for lawmakers.

" 'I want to talk about my wealth to highlight the importance of taxing people like me,' Delucia-Harting said, telling lawmakers that she inherited wealth accumulated by her great-grandfather and protected through generations by using tax loopholes.

"Delucia-Harting was among a group of wealthy residents and progressive advocates who testified in support of two bills to increase taxes on millionaires and those whose wealth earns them more wealth — a move that could generate more than $200 million a year at a time when state officials are considering budget cuts and deficits in the state’s #Medicaid program.

"Proponents say that increasing taxes on Maine’s wealthiest residents would help protect important investments in education, child care and health care, while opponents argue it would only cause wealthy residents and businesses to leave the state or not come here at all."

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https://www.pressherald.com/2025/03/26/raise-taxes-on-maines-wealthy-some-of-them-are-ok-with-that/

Archived version:
https://archive.md/iYhqw

#USPol #MainePol #TaxTheRich #MillionaireTax #BillionaireTax #PayYourFairShare #EndTaxLoopholes

Billionaire financiers avoid Medicare tax: n 2016, Steve Cohen, the owner of the New York Mets, paid $0. So did Stephen Schwarzman, head of Blackstone. Bill Ackman, the hedge fund manager, was able to shield almost all his income from the tax.

But tax advisers, wielding a once-obscure bit of the tax code, found a way to make that obligation vanish: . channel profits in a way that invokes this obscure provision,.

The three billionaires contacted for this article said they followed the law as written.
#TaxTheRich #EndTaxLoopholes
#FixTheTaxCode

https://www.propublica.org/article/medicare-tax-loophole-steve-cohen