Lower Income Taxes for Middle-income Families in Maine
| Category: | Taxation |
|---|---|
| Status: | Defeated |
| Sponsor: | Senator Joe Baldacci, Senate 9 - Penobscot County |
| Session: | 130 |
| Bill #: | LD 532 |
Position:
Opposed.
Summary:
Senator Baldacci of Penobscot would provide a credit to reduce income taxes by 10% for individuals filing as single individuals and married persons filing separately with taxable income under $60,000, heads of households with taxable income under $90,000 and individuals filing married joint returns and surviving spouses with taxable income under $120,000. The bill also provides an additional income tax bracket with a tax rate of 7.95% for individuals taxable income exceeding $200,000.