The Largest Tax Cut in Maine History
Under Governor LePage's leadership major tax reform was passed in 2011. The necessary reform provided $150 million in tax relief - including new tax code changes which conform to federal guidelines and a reduction in Maine's top income tax rate from 8.5 percent to 7.95 percent that eliminated tax payments for 70,000 low-income Mainers. This represents the largest tax cut in Maine history and allows Mainers to keep more of their hard-earned money.
Additionally, the death tax exemption was doubled, so family businesses don't die with the owner and the Maine Capitol Investment Credit was created to provide $31 million in tax relief for job creating investments made by businesses in the state that expand.