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1 Jared Walczak & Scott Drenkard, Maine Gears up for a Serious Tax Reform Conversation 1 (2015)

handle is hein.taxfoundation/megtxrec0001 and id is 1 raw text is: TAXOw FOUNDATION FISCAL FACT Jan. 2015 No. 446 Maine Gears Up for a Serious Tax Reform Conversation By Jared Walczak & Scot Drenkard Policy Analyst Economist & Manager of State Projects Key Findings * With his newly released tax reform proposal, Governor Paul LePage becomes the first governor to propose substantive tax reform in 2015. * The plan would result in a tax cut of $267 million per year as of FY 2019, with the plan fully phased in by the start of calendar year 2021. * If fully implemented, the LePage plan would improve the state's ranking from 33rd to 23rd on the Tax Foundation State Business Tax Climate Index. * The governor proposes cutting income tax rates for all income levels but with a more progressive structure that includes additional brackets and a bubble bracket designed to phase out the state's zero bracket for higher income earners. * The LePage plan flattens the corporate income tax and cuts rates while eliminating preferences favoring specific industries and activities. * To offset income tax reductions, the governor proposes broadening the sales tax base and raising rates. * The plan also proposes repealing the estate tax and limiting property tax exemptions, along with the elimination of state-local revenue sharing and adjustments to existing state spending limitations. * The LePage plan could be improved by reforming the state's net operating loss carryback system.

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