#Mainers call on legislature to fund #education and more by raising taxes on #wealthy
by Channa Steinmetz, March 27, 2025
"As the #Trump Administration continues its efforts to fund huge #billionaire tax cuts by raising the cost of living and making it harder for Americans to access health care, housing, food assistance and education, Mainers, including some with very high incomes, are calling for the state’s wealthiest residents to pay what they truly owe our state.
"#LD1089, 'An Act to Permanently Fund 55 Percent of the State’s Share of Education by Establishing a Tax on Incomes of More than $1,000,000,' would add a 4% income tax surcharge on the fewer than 1% of Mainers whose incomes are above $1 million to fund Maine’s public schools. Currently, #millionaires pay the same percentage of their income in taxes as someone who makes $61,000 – leaving more than $100 million a year (the amount this tax would raise) on the table.
"Bill sponsor Rep. Cheryl Golek (D-Harpswell) said that while the bill would benefit many Mainers, 'adding a modest surcharge has no impact on millionaires.'
"#LD1047, 'An Act to Impose an Additional Tax on Certain Unearned Income', adds a 4% surcharge on capital gains above $250,000 for an individual or $500,000 for a couple filing jointly.
"Since #InvestmentIncome is often taxed at a lower rate than wages, and people with more wealth tend to get more of their income from investments (such as stocks or real estate), this bill helps to address the disparity in tax rates between people with more and less wealth. It would affect only the wealthiest investors, not middle-class families selling homes or withdrawing retirement savings, while raising over $100 million to support #schools, #infrastructure, and community services, said bill sponsor Rep. Grayson Lookner (D-Portland).
"Lucas St. Clair, an immensely wealthy Falmouth resident best known for his work on the Katahdin Woods and Waters National Monument, testified in favor of both bills. He said that people with money, like his family, should pay more in taxes: 'We care about the future of this state. The inequitable tax structure of today…undermines the overall health of our communities. The wealthy should pay our fair share in taxes. Period.' He also spoke about the results of fairer tax policies: 'Fair tax policies allow more money to stay in communities, ensuring greater investment in public schools, infrastructure, and services like child care and health care.'
"Gorham child care provider Charlotte Jacobs of Scarborough testified in person in favor of both tax bills, saying that Maine’s continued failure to fully fund universal Pre-K and other essential services is a direct consequence of an unbalanced tax system."
Read more:
https://mainebeacon.com/mainers-call-on-legislature-to-fund-education-and-more-by-raising-taxes-on-wealthy/
#MainePol #TaxTheRich #USPol #Education #EducationCuts
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