Bipartisan tax overhaul on the way
A bipartisan group of Maine senators has crafted a tax reform plan its supporters say could help close a gap in the state's upcoming two-year budget by raising hundreds of millions of dollars in new revenue.
MPBN reported Democratic Sen. Seth Goodall, Republican Sen. Roger Katz and Independent Sen. Dick Woodbury are among 11 co-sponsors of the bill that would provide an alternative to some of the spending cuts proposed in Gov. Paul LePage's $6.3 billion budget proposal.
Legislators told the station that full details of the plan will be revealed Wednesday but the Portland Press Herald reported the changes would generate an estimated $700 million in revenue as part of a series of overhauls to the state's tax system, including replacing the state's tiered income tax structure with a 4% flat tax.
MPBN reported the proposal comes as more legislators are facing pressure from constituent towns to avoid suspending the state's revenue sharing program, which distributes more than $350 million to municipalities. The suspension is part of LePage's budget plan.
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