Effort to undo LePage’s estate tax cut for millionaires returns to Augusta

Between 1973 and 2015, according to the Maine Center for Economic Policy, the top 1% of Maine families captured 42% of all income growth, leaving just 57% for the remaining 99% of Mainers. Income inequality is correlated with inequality in wealth. Wealth inequality is 10 times more concentrated than income inequality.

“A staggering 60% of household wealth in the United States is owned through inheritance rather than direct labor,” said Maura Pillsbury, MECEP’s state and local tax analyst, adding that just 20 estates were taxed in Maine in 2021 under the existing threshold.

Click here to read the full story, first published May 18, 2023 in Beacon.