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March 21, 2013

Tax committee to hear 'Buffett Rule' bill

The Legislature's House Democratic leader is trumpeting a bill that would raise the tax rate on those earning over $250,000 by 1 cent, which its sponsor says would raise $200 million for the state in its first two years.

The Portland Press Herald reported that the bill, sponsored by House Democratic leader Seth Berry, is likely part of a Democratic counter-proposal to Gov. Paul LePage's proposed two-year budget. The governor's proposal  suspends municipal aid to cities and towns and the Business Equipment Tax Reimbursement program, which has raised opposition from large manufacturers.

Democrats say that the bill is an attempt to make the state's tax code fairer, latching onto national calls by billionaire Warren Buffett for higher taxes on the nation's most wealthy, a proposal that has been called the "Buffett Rule." But the proposed increases come at a time when Republicans have shown staunch resistance to any increase in taxes.

The bill is expected to be referred to the Legislature's Taxation Committee today, the paper reported.

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