Legislators advance estate tax bill, vote down corporate tax hike
Members of the legislature’s Taxation Committee voted on Wednesday to advance a bill to the House floor to repeal the LePage-era tax cuts on Maine’s wealthiest estates, while also striking down a bill to raise taxes on corporations.
The committee voted in favor of a proposal by state Rep. Ben Collings (D-Portland) to raise taxes on inherited wealth. Over the course of his administration, former Gov. Paul LePage and GOP lawmakers raised the estate tax exclusion amount, below which the estate tax does not apply, from $1 million to $5.6 million for individuals or $11.2 million for joint estates of married couples.
Collings’ bill would lower the exclusion amount to $2 million.
Members of Mainers for Tax Fairness, a coalition of 23 progressive organizations, applauded the committee for advancing a bill that would recover much of the taxes on Maine’s wealthiest estates eliminated during the previous administration.
“A more effective wealth tax in the form of a stronger estate tax will help prevent runaway inequality across generations, while raising resources that can be invested in schools, health care, and other priorities that create opportunities for prosperity for low- and middle-income families,” Destie Hohman Sprage of the Maine Women’s Lobby, a member of the coalition, said in a statement.
Read more: https://mainebeacon.com/legislators-advance-estate-tax-bill-vote-down-corporate-tax-hike/