The Wall Street Journal reports
that tax reform is coming from an unexpected place: Maine. A new
law rids the state of its progressive tax system, which carried a
top rate of 8.5 percent, to be replaced with a 6.5 percent rate
applying to just about everyone. Those making above $250,000 will
still have to pay slightly more—6.85 percent.
As a result, Maine, previously ranked seventh on the list of highest taxed states, will drop to 20th. Democratic Governor John Baldacci said of the new tax legislation:
Hopefully Maine's neighboring northeastern states will soon follow
suit.
Read full article here
and complete tax reform bill
here.
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