Augusta, Maine (Tuesday, March 1, 2016) The Maine Center for Economic Policy (MECEP) issued the following statement in response to Gov. LePage’s proposal (LD 1622) to eliminate Maine’s estate tax.
“The Governor’s plan to eliminate the state’s estate tax is bad for Maine, and the legislature should reject this proposal. It would widen the growing gap between rich and poor in Maine and squander resources needed to educate kids, train workers, or offset growing property tax bills for low- and moderate-income families.”
“Of the 13,000 Mainers who die each year, fewer than 60 estates are subject to Maine’s current estate tax on more than $5.5 million in wealth. Roughly 25 of these estates are for out-of-state residents. Eliminating the estate tax would create an $18 million hole in the budget that legislators will have to fill by raising taxes on low- and middle-income Mainers or making cuts to essential programs that keep our economy strong and provide pathways to prosperity for all Mainer’s regardless of the circumstances of their birth.”
