Legislature Moves Forward with Bill to Rebalance Income Tax Brackets
Maine lawmakers have advanced a bill that would adjust the state's income tax brackets and tax rates.
Currently, the income tax brackets and rates are 5.8%, 6.75 and 7.15%.
Sign up for our NewslettersIf enacted the tax brackets will be:
- People who make less than $41,600 will be taxed 5.8%
- People who make at least $41,600 but less than $85,000 will be taxed $2,413 with an additional 6.75% of anything more than $41,600
- People who make at least $85,000 but less than $144,500 will be taxed $5,343 with an additional 7.15% of anything more than $85,000
- People who make at least $144,500 but less than $205,000 will be taxed $9,597 with an additional 7.52% of anything more than $144,500
- People who make $205,000 but less than $500,000 will be taxed $14,147 with an additional 7.15% of anything more than $205,000
- People who make more than $500,000 will be taxed $35,240 with an additional 8.2% of anything more than $500,000
This bill faces one more vote in each chamber.
Republicans have been vocal for months that they will not support any tax increases. Sen. Jeff Timberlake, R-Androscoggin, tells Maine's Total Coverage that people will move out of Maine if their taxes continue to go up.
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