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March 17, 2017

Public hearing on 3% tax surcharge repeal scheduled for Monday

Five legislative proposals to eliminate the 3% tax surcharge approved by voters last November will be discussed at a public hearing this coming Monday in Augusta.

The surcharge, which took effect Jan. 1, aims to raise money for education by taxing households earning $200,000 and more.

The 3% levy comes on top of the 7.15% regular income tax rate for all Mainers, putting the top marginal rate at 10.15%. That is now the top marginal rate in the United States after California.

At Monday's hearing organized by the Legislature's Joint Standing Committee on Taxation, the Maine State Chamber of Commerce will testify in favor of scrapping the surcharge, while Stand Up for Students will argue against overturning the will of the voters.

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