Libby says, “Most Maine families will get a bigger tax cut under the Better Deal than under the LePage plan.”
Just days ago, it was “Tax Day.” For many of us, we readied ourselves as we dropped the envelope in the mail–either with anticipation because a refund is in order, or with a gulp because of the enclosed check made payable to the IRS. Either way, often times, people complain that the tax system isn’t fair.
Good Morning. This is State Senator Nate Libby of Lewiston. As a two-term member of the Taxation Committee, I’ve spent a lot of time working on taxes–more than just on April 15th. I’ve spent years working with others to bring forward much-needed tax reform. And for the first time in a very long time, it seems the political climate is ripe for a comprehensive overhaul of our tax code.
While I commend Governor LePage for joining the conversation about tax reform, it’s become clear that a better plan was needed to truly provide relief for Maine people and communities.
A couple of weeks ago, Democrats released a counterproposal to Gov. LePage’s budget. It’s called the Better Deal for Maine. The Better Deal invests in middle-class economics:
It allows more Mainers to keep more of their hard-earned money.
It lowers property taxes for all Maine homeowners.
And, rather than shifting the tax burden on to our communities, as proposed by Governor LePage, our plan asks tourists and the top income-earners to pay their fair share.
So back to that “fairness” issue that everyone questions on April 15th…who is getting the better deal?
Well, I can assure you that under the Better Deal and–compared to the LePage plan…on Tax Day next year, if you earn less than $167,000 a year, almost all of you will get a tax cut. And, most Maine families will get a bigger tax cut under the Better Deal than under the LePage plan.
And you don’t have to take my word for it…those stats are from the Institute on Taxation and Economic Policy–a national, non-partisan tax institute.
What does this mean in real numbers? Well, if you are a married couple making $100,000 a year with two children, you will get $400 more under the Better Deal than under the LePage plan; and, if you’re a single mom earning $30,000 a year, you will get about $200 more under the Better Deal than under the LePage plan.
In contrast, the LePage plan favors top income earners by giving 50% of his tax cuts to the top 10%.
Is that fair?
Our history shows us that trickle down economics is a failed experiment. Tax cuts for the rich only help one group of people–the rich.
Our economy is the strongest when it grows from the middle out, not from the top down.
Our history shows us that the middle class thrives and grows, when working Mainers get to keep more of their hard-earned money.
But right now, our economy is still sputtering. Our job growth and wages lag behind the nation; and income inequality is at an all time high.
The Better Deal is a budget that can reverse this trend. It can restore Maine to being a place of opportunity for each other, for our kids, and our grandkids. It’s a plan that invests in the thousands of Mainers who are working to help get our state back on its feet and prosper.
The Better Deal is a better deal for Maine’s families and communities.
I’m encouraged that my Republican and unenrolled colleagues will agree and join me in supporting the Better Deal for Maine.
If you agree, call your legislator.
Thank you for listening. This is State Senator Nate Libby of Lewiston. Have a great weekend.