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GOV_TAX_PLAN_2015_ATTACHMENTS_R
EXAMPLE E
TAX CALCULATION FOR A MARRIED COUPLE WITH 1 CHILD UNDER AGE 65 - PORTLAND
PORTLAND PROPERTY FULL VALUE
ASSESSED VALUE AFTER HOMESTEAD EXEM
INCREASED PROPERTY TAXES
330,000
320,000
175,000
175,000
EXEMPTIONS
ITEMIZED DEDUCTIONS
MORTGAGE INTEREST (300,000 AT 5.0%)
PROPERTY TAXES (400,000 AT $20 PER 1,000)
CHARITABLE CONTRIBUTIONS
AUTO EXCISE TAX
(A)
(12,150)
(12,150)
(A1)
(15,000)
(8,000)
(2,500)
(500)
-------------------------(26,000)
(12,850)
-------------------------- -------------------------136,850
150,000
9,594
(26)
(A2)
8,110
0
-------------------------- -------------------------9,568
8,110
(1,458)
175,000
175,000
(12,150)
(12,150)
(26,000)
(26,000)
0
(200)
(9,568)
(8,110)
-------------------------- -------------------------127,282
128,540
(1)
200
23,409
23,723
314
2,500
3,475
975
(2)
-------------------------31
=============
(1) - USED 2015 FEDERAL TAX RATES WHICH FOR MARRIED IS $10,313 + 25% OF EXCESS OVER $74,900
(2) - THIS TAXPAYER HAS A MARGINAL FEDERAL TAX RATE OF 25% AND BOTH PROPERTY TAXES AND
MAINE INCOME TAXES ARE DEDUCTIBLE, BUT SALES TAXES ARE NOT DEDUCTIBLE FOR FEDERAL INCOME
TAX PURPOSES (NET DEDUCTIBLE TAXES DECREASED BY $1,258 X 25% = $314).
(A) - PROJECTED EXEMPTION FOR 2016 WILL INCREASE FROM 4,000 TO 4,050.
(A1) - THE STANDARD DEDUCTION FOR 2015 IS 12,600 AND WOULD BE 12,850 FOR 2016 BASED ON 2.1% INFLATION ADJUSTMENT
(A2) - ADJUSTED TAX BRACKETS BY 2.1% INFLATION ADJUSTMENT.
EXAMPLE D
EXAMPLE D
TAX CALCULATION FOR A MARRIED COUPLE OVER AGE 65 WITH LARGE CHARITABLE CONTRIBUTIONS
PORTLAND PROPERTY FULL VALUE
ASSESSED VALUE AFTER HOMESTEAD EXEMPTION
ASSESSED VALUE AFTER HOMESTEAD EXEMPTION
450,000
440,000
430,000
35,000
35,000
65,000
65,000
15,000
15,000
------------------------- -------------------------115,000
115,000
TOTAL INCOME
LESS: SOCIAL SECURITY INCOME
LESS: NON TAXABLE BONDS
(35,000)
(35,000)
(15,000)
(15,000)
------------------------- ------------------------65,000
65,000
(A)
(CC)
(A1)
(8,200)
(8,200)
0
(8,800)
(30,000)
(300)
-------------------------(39,100)
(15,700)
---------------------------------------------------17,700
41,100
(A2)
(1)
471
(26)
1,248
0
------------------------- -------------------------445
1,248
115,000
(15,000)
(5,250)
(8,200)
(39,100)
200
(445)
(1,248)
------------------------- -------------------------47,005
46,402
803
115,000
(15,000)
(5,250)
(8,200)
(39,100)
(200)
6,128
6,038
(90) (2)
2,000
2,800
500
-------------------------1,012
=============
EXAMPLE C
GOV_TAX_PLAN_2015_ATTACHMENTS
EXAMPLE C
TAX CALCULATION FOR A MARRIED COUPLE WITH 1 CHILD UNDER AGE 65 - PORTLAND
PORTLAND PROPERTY FULL VALUE
ASSESSED VALUE AFTER HOMESTEAD EXEM
INCREASED PROPERTY TAXES
330,000
320,000
115,000
115,000
EXEMPTIONS
ITEMIZED DEDUCTIONS
MORTGAGE INTEREST (250,000 AT 5.0%)
PROPERTY TAXES (320,000 AT $20 PER 1,000)
CHARITABLE CONTRIBUTIONS
AUTO EXCISE TAX
(A)
(12,150)
(12,150)
(A1)
(12,500)
(6,400)
(1,500)
(300)
-------------------------(20,700)
(12,850)
-------------------------- -------------------------82,150
90,000
5,245
(26)
(A2)
4,060
0
-------------------------- -------------------------5,219
4,060
(1,160)
115,000
115,000
(12,150)
(12,150)
(20,700)
(20,700)
0
(200)
(5,219)
(4,060)
-------------------------- -------------------------76,931
77,891
(1)
200
10,821
11,061
240
1,800
2,400
600
(2)
-------------------------(120)
=============
(1) - USED 2015 FEDERAL TAX RATES WHICH FOR MARRIED IS $10,313 + 25% OF EXCESS OVER $74,900
(2) - THIS TAXPAYER HAS A MARGINAL FEDERAL TAX RATE OF 25% AND BOTH PROPERTY TAXES AND
MAINE INCOME TAXES ARE DEDUCTIBLE, BUT SALES TAXES ARE NOT DEDUCTIBLE FOR FEDERAL INCOME
TAX PURPOSES (NET DEDUCTIBLE TAXES DECREASED BY $960 X 25% = 240)
(A) - PROJECTED EXEMPTION FOR 2016 WILL INCREASE FROM 4,000 TO 4,050.
(A1) - THE STANDARD DEDUCTION FOR 2015 IS 12,600 AND WOULD BE 12,850 FOR 2016 BASED ON 2.1% INFLATION ADJUSTMENT
(A2) - ADJUSTED TAX BRACKETS BY 2.1% INFLATION ADJUSTMENT.
EXAMPLE B
GOV_TAX_PLAN_2015_ATTACHMENTS
EXAMPLE B
TAX CALCULATION FOR A MARRIED COUPLE WITH NO KIDS UNDER AGE 65 - PORTLAND
PORTLAND
PROPERTY TAX
PROPERTY FMV
PROPERTY ASSESSED VALUE WITH 10K HOMESTEAD
280,000
270,000
5,400
GOVERNOR'S
BUDGET
TAX CHANGE
CURRENT LAW PROPOSED TAX
INCREASE
2015
2016
(DECREASE)
-------------------------- ----------------------- ----------------------INCOME
70,000
70,000
EXEMPTIONS
(2 X 4,050) (A)
ITEMIZED DEDUCTIONS
MORTGAGE INTEREST (210,000 AT 5.0%)
PROPERTY TAXES (270,000 AT $20 PER 1,000)
CHARITABLE CONTRIBUTIONS
AUTO EXCISE TAX
(8,100)
(8,100)
(10,500)
(5,400)
(250)
(150)
-------------------------(16,300)
(12,850)
TAXABLE INCOME
-------------------------- -------------------------45,600
49,050
(A1)
(A3)
2,339
(26)
1,705
0
0
-------------------------- -------------------------2,314
1,705
0
200
(PTFC)
(609)
200
0
-------------------------(409)
425
-------------------------16
(16)
64
-------------------------48
--------------------------64
==============
IN ADDITION TO THE TAX INCREASE ABOVE UNDER THE OLD CIRCUIT BREAKER PROGRAM ELIMINATED
IN 2013 THIS TAXPAYER WOULD HAVE RECEIVED A MUCH LARGER PROPERTY TAX REFUND AS FOLLOWS:
CIRCUIT
BREAKER
PTFC
-------------------------- -------------------------70,000
70,000
4,750
2,800
4,000
4,200
-------------------------- -------------------------1,950
0
975
0
(PTFC)
(A) - PROJECTED EXEMPTION FOR 2016 WILL INCREASE FROM 4,000 TO 4,050.
(A1) - THE STANDARD DEDUCTION FOR 2015 IS 12,600 AND WOULD BE 12,850 FOR 2016 BASED ON 2.1% INFLATION ADJUSTMENT
(A2) - ADJUSTED TAX BRACKETS BY 2.1% INFLATION ADJUSTMENT.
EXAMPLE A
GOV_TAX_PLAN_2015_ATTACHMENTS
EXAMPLE A
TAX CALCULATION FOR A MARRIED COUPLE WITH NO KIDS BOTH OVER AGE 65 & NO ITEMIZED DEDUCTIONS
WESTBROOK
PROPERTY TAX
PROPERTY FMV
PROPERTY ASSESSED VALUE WITH 10K HOMESTEAD
PROPERTY ASSESSED VALUE WITH 20K HOMESTEAD
200,000
190,000
180,000
GOVERNOR'S
BUDGET
TAX CHANGE
CURRENT LAW PROPOSED TAX
INCREASE
2015
2016
(DECREASE)
-------------------------- ----------------------- ----------------------27,000
27,000
23,000
23,000
------------------------- -------------------------50,000
50,000
3,268
3,096
(A)
TAXABLE INCOME
MAINE TAX BEFORE CREDITS - 2015 LAW
TAX FAIRNESS CREDIT
PROPERTY TAX FAIRNESS CREDIT
NET MAINE INCOME TAX
(A1)
(8,100)
(8,100)
(15,400)
(15,400)
(27,000)
(27,000)
---------------------------------------------------(500)
(500)
0
0
0
(96)
------------------------- -------------------------0
(96)
(172)
(96)
(172)
0
-------------------------(268)
375
-------------------------107
==============
IN ADDITION TO THE TAX INCREASE ABOVE UNDER THE OLD CIRCUIT BREAKER PROGRAM ELIMINATED
IN 2013 THIS TAXPAYER WOULD HAVE RECEIVED A MUCH LARGER PROPERTY TAX REFUND AS FOLLOWS:
CIRCUIT
NEW
CURRENT LAW
BREAKER
PTFC
PTFC
------------------------- ------------------------- -------------------------50,000
50,000
56,200
3,268
2,000
3,096
3,268
3,000
3,372
------------------------- ------------------------- -------------------------1,268
96
0
634
96
(A) - PROJECTED EXEMPTION FOR 2016 WILL INCREASE FROM 4,000 TO 4,050.
(A1) - THE STANDARD DEDUCTION FOR 2015 IS 12,600 AND WOULD BE 12,850 FOR 2016 BASED ON 2.1% INFLATION ADJUSTMENT
THE ADDITIONAL STD DED FOR OVER AGE 65 IS AN ADDITIONAL 2,550 OR TOTAL OF 15,400.
ATTACHMENT 6
GOV_TAX_PLAN_2015_ATTACHMENTS
ATTACHMENT 6
COMPARISON OF MAINE CONSUMPTION TAXES TO INCOME TAXES
(1)
PROPOSED
ACTUAL
% OF
BUDGET
% OF
BUDGET
% OF
FY 2009
TOTAL
FY 2015
TOTAL
FY 2017
TOTAL
----------------------- ----------- ------------------------ ----------- ----------------------- ----------CONSUMPTION TAXES
SALES ,USE SERVICE PROVIDER TAXES
CIGARETTE & TOBACCO TAX
FUEL TAX
INSURANCE COMPANY TAX
SUBTOTAL
INCOME TAXES
INDIVIDUAL INCOME TAX
CORPORATE INCOME TAX
SUBTOTAL
944,600,000
161,000,000
234,400,000
82,300,000
-----------------------1,422,300,000 50.1%
1,244,308,294
134,890,000
217,413,634
82,250,000
-----------------------1,678,861,928
1,622,404,228
132,079,000
224,110,357
82,700,000
-----------------------50.4% 2,061,293,585
62.4%
1,266,400,000
149,300,000
-----------------------1,415,700,000 49.9%
1,462,017,200
190,226,769
-----------------------1,652,243,969
1,056,990,642
185,076,726
-----------------------49.6% 1,242,067,368
37.6%
----------------------------------------------2,838,000,000 100.0%
3,331,105,897
============
============
100.0%
(A)
-----------------------3,303,360,953
============
100.0%
2,061,293,585
118,961,300
5.8% (B)
============
THE ARGUMENT MADE THAT THE EXPANSION OF THE SALES TAX TO SERVICES WILL HELP STABILIZE TAX COLLECTIONS
IS VERY WEAK, BECAUSE THE EXPANSION REPRESENTS LESS THAN 6% OF TOTAL CONSUMPTION TAXES.
ATTACHMENT 5
GOV_TAX_PLAN_2015_ATTACHMENTS
ATTACHMENT 5
ESTIMATED IMPACT OF ELIMINATION OF INCOME TAX AN REPLACING 100% OF THE TAX WITH SALES TAX - MAINE RESIDENTS - YEAR ENDED 12/31/15
BOTTOM 70%
NEXT 10%
BOTTOM 80%
NEXT 10%
BOTTOM 90%
NEXT 9%
TOP 1%
TOP 10%
< $66,980
$66,981 - $86,789
< $86,789
$86,789 - $120,621
< $120,622 $120,622 - $325,973 OVER $325,973
TOTAL
---------------------- -------------------------- -------------------------- ----------------------------- ---------------------- ------------------------- -------------------------- ------------------------- -------------------------(1)
474,229
67,747
541,976
67,748
609,724
60,972
6,775
67,747
677,471
(1)
(2)
15.51%
40.40%
10.12%
12.50%
25.63%
52.90%
17.51%
14.00%
43.14%
66.90%
34.42%
22.10%
22.44%
11.00%
56.86%
33.10%
100.00%
100.00%
(208,330,320)
(135,931,840)
(344,262,160)
(235,194,320) (579,456,480)
(462,329,440)
(301,414,080)
(763,743,520)
(1,343,200,000)
353,904,000
109,500,000
463,404,000
122,640,000
586,044,000
193,596,000
96,360,000
289,956,000
876,000,000
79,628,400
24,637,500
104,265,900
27,594,000
131,859,900
43,559,100
21,681,000
65,240,100
197,100,000
---------------------- -------------------------- -------------------------- ----------------------------- ---------------------- ------------------------- -------------------------- ------------------------- -------------------------225,202,080
(1,794,340)
223,407,740
(84,960,320)
138,447,420
(225,174,340)
(183,373,080)
(408,547,420)
(270,100,000)
ASSUMPTIONS:
INCOME TAX
SALES TAX
---------------------- -------------------------(A) 1,460,000,000
1,460,000,000
92%
60% (B)
---------------------- -------------------------1,343,200,000
876,000,000
394,200,000
197,100,000
189,800,000
(B) 13%
(1) - THE NUMBER OF TAX FAMILIES AND THE PERCENTAGE OF INCOME TAX PAID IS FROM THE MAINE REVENUE SERVICES ESTIMATE FOR THE YEAR 2014. ASSUMED SAME NUMBERS FOR YEAR 2015.
(2) - THE PERCENTAGE OF SALES TAX PAID BY MAINE RESIDENTS COMES FROM THE MAINE REVENUE SERVICES "MAINE TAX INCIDENCE STUDY" PRESENTED TO THE JOINT STANDING COMMITTEE ON TAXATION ON AUGUST 15, 2011.
(A) - TOTAL INDIVIDUAL INCOME TAX BUDGETED FOR THE FISCAL YEAR ENDED 6/30/2015 WAS $1,455,836,200, PER THE MAINE OFFICE OF THE STATE CONTROLLER. ASSUMED ROUNDED $1.46 BILLION FOR CALENDAR YEAR 2015.
(B) - THE PERCENTAGE OF SALES TAX PAID BY RESIDENTS INDIVIDUALS, NON RESIDENTS AND BUSINESSES BASED ON MAINE REVENUE SERVICES ESTIMATE FOR THE CALENDAR YEAR 2013.
(3) - WHILE THE NET IMPACT ON MAINE INDIVIDUAL RESIDENTS IS A SMALL NET TAX DECREASE, THIS IS MORE THAN OFFSET BY A $197.1 MILLION SALES (USE) TAX INCREASE ON BUSINESSES THAT WILL INCREASE THERE COSTS
THAT I HAVE ASSUMED WILL BE PASSED ON TO NON MAINE CUSTOMERS.
ATTACHMENT 4
GOV_TAX_PLAN_2015_ATTACHMENTS
ATTACHMENT 4
SUMMARY OF TOTAL STATE & LOCAL TAXES PAID BY MAINE RESIDENTS DIRECTLY IN 2009 (EXCLUDES TAXES PAID BY BUSINESSES) (A)
DECILE
-------------------BOTTOM 50%
AVERAGE NET
AVERAGE MAINE
STATE & LOCAL TAXES
------------------------------------------------------------------------------------------------------------------------------------AVERAGE PROPERTY
SALES &
INCOME
TOTAL
% OF
FEDERAL
%
FAMILIES INCOME RANGE
INCOME
TAX
EXCISE TAX
TAX
TAX
INCOME TAX BENEFIT AMOUNT OF INCOME TOTAL INCOME
-------------------------------------------- ----------------- ------------------- ------------------- ------------------ ----------------- ----------------- --------------------- ----------------- ------------------- -----------------------336,917
UP TO $30,810
15,116
746
681
115
1,542
10.20%
(10)
1,532
10.14%
5,092,900,000
50% - 70%
134,767
$30,811 - $55,471
41,736
1,875
1,322
883
4,080
9.77%
(123)
3,957
9.48%
5,624,700,000
70% - 80%
67,381
$55,472 - $74,757
64,552
2,666
1,490
1,793
5,949
9.22%
(361)
5,588
8.66%
4,349,600,000
80% - 90%
67,383
$74,758 - $108,724
89,852
3,498
1,505
3,304
8,306
9.24%
(800)
7,507
8.35%
6,054,500,000
90% - 95%
33,693
$108,725 - $145,201
124,091
5,336
2,095
5,292
12,724
10.25%
(1,948)
10,776
8.68%
4,181,000,000
95% - 99%
26,952
$145,202 - $323,241
197,202
6,826
3,302
9,454
19,582
9.93%
(2,978)
16,604
8.42%
5,315,000,000
TOP 1%
6,738
OVER $323,241
733,600
9,930
11,754
38,854
60,539
45,897
1,924
1,153
1,400
4,477
-----------------673,831
BOTTOM 99%
667,093
UP TO $323,241
8.25%
(11,811)
48,728
6.64%
4,943,000,000
(2)
(1)
------------------- ------------------- ------------------- ------------------ ----------------- ----------------- --------------------- ------------------ ------------------- -----------------------52,774
2,004
1,259
1,775
5,037
9.54%
(480)
4,557
8.64% 35,560,700,000
9.75%
(2)
(366)
4,111
8.96%
(1)
30,617,700,000
(1) - THE BOTTOM 99% OF MAINE RESIDENTS PAY NET (AFTER FEDERAL TAX BENEFIT) AVERAGE STATE & LOCAL TAXES AT 35% HIGHER RATES THAN THE TOP 1%.
(2) - THE BOTTOM 99% OF MAINE RESIDENTS PAY NET (BEFORE FEDERAL TAX BENEFIT) AVERAGE STATE & LOCAL TAXES AT 18.2% HIGHER RATES THAN THE TOP 1%.
(A) - ALL NUMBERS ARE BASED ON THE MAINE REVENUE SERVICES REPORT PRESENTED BY DR. MICHAEL ALLEN TO THE TAXATION COMMITTEE ON AUGUST 15, 2011.
ATTACHMENT 3
GOV_TAX_PLAN_2015_ATTACHMENTS
ATTACHMENT 3
TAX CALCULATION FOR YEARS 2016 - 2019 GOVERNOR'S PROPOSAL
ADDITIONAL
INCOME
TAX CUT FROM
2016
2017
2018
2019
2017 - 2019
-------------------- -------------------- -------------------- -------------------- -------------------------
129,000
(16,200)
(12,800)
--------------------100,000
4,635
4.63%
256,200
15,491
6.05%
287,450
17,663
6.14%
350,000
22,010
6.29%
500,000
32,435
6.49%
1,000,000
67,185
6.72%
2,000,000
136,685
6.83%
129,000
0
0
------------------------100,000
100,000
4,635
4.63%
0
0
=============
100,000
4,635
4.63%
0
100,000
4,635
4.63%
0
256,200
15,491
6.05%
0
256,200
15,179
5.92%
(312)
256,200
14,788
5.77%
(703)
287,450
17,522
6.10%
(141)
287,450
17,288
6.01%
(375)
287,450
16,819
5.85%
(844)
350,000
21,588
6.17%
(422)
350,000
21,041
6.01%
(969)
350,000
20,885
5.97%
(1,125)
500,000
31,338
6.27%
(1,097)
500,000
30,041
6.01%
(2,394)
500,000
29,510
5.90%
(2,925)
1,000,000
63,838
6.38%
(3,347)
1,000,000
60,041
6.00%
(7,144)
1,000,000
58,260
5.83%
(8,925)
2,000,000
128,838
6.44%
(7,847)
2,000,000
120,041
6.00%
(16,644)
2,000,000
115,760
5.79%
(20,925)
256,200
(1,015)
==============
287,450
(1,359)
=============
350,000
(2,516)
=============
500,000
(6,416)
=============
1,000,000
(19,416)
==============
2,000,000
(45,416)
=============
THE ABOVE ILLUSTRATES THAT A MARRIED TAXPAYER WITH TWO CHILDREN AND INCOME OF $129,000 WILL
HAVE NO ADDITIONAL INCOME TAX CUTS IN 2017-2019, WHILE HIGHER INCOME TAXPAYERS GET ADDITIONAL
INCOME TAX CUTS THROUGH 2019. FOR EXAMPLE A INDIVIDUAL WITH $2.0 MILLION INCOME WILL HAVE AN
ADDITIONAL TAX SAVINGS OF $45,416 FROM 2017-2019.
ESTATE TAX CHANGES
IN ADDITION TO THE ABOVE THE ESTATE TAX ELIMINATION APPLIES TO DEATHS IN YEAR 2017, WHICH WOULD
IMPACT 2018 ESTATE TAX COLLECTIONS, WHICH IS BEYOND THE TWO YEAR BUDGET.
ATTACHMENT 2
GOV_TAX_PLAN_2015_ATTACHMENTS
ATTACHMENT 2
CALCULATION OF PROPERTY TAX REBATES UNDER THE MAINE CIRCUIT BREAKER TAX RELIEF PROGRAM - ELIMINATED IN 2013
COMPARED TO BUDGET TAX FAIRNESS CREDIT - STARTING IN 2016
SOUTH PORTLAND RESIDENTS
NOTE:
1). IN THE 80 EXAMPLES BELOW THE OLD CIRCUIT BREAKER PROGRAM WAS BETTER THAN THE PROPOSED 2016 LAW IN 70 OUT OF 80 SCENARIOS.
2). THE AVERAGE TAX REFUND BELOW UNDER THE OLD CIRCUIT BREAKER WAS $648, WHILE THE AVERAGE FOR THE NEW PROPOSED 2016 LAW WAS ONLY $310 AND THE CURRENT 2015 LAW IS ONLY $157.
3). THE MAINE REVENUE SERVICES REPORTED THAT UNDER THE OLD CIRCUIT BREAKER PROGRAM FOR REFUNDS FILED IN THE PERIOD 8/1/11-5/31/12 THERE WERE 88,864 REFUNDS TOTALING $42.6 MILLION OR AN AVERAGE OF $479. THIS NUMBER REPRESENTS ONLY 80%
OF THE FULL OLD CIRCUIT BREAKER REFUNDS AS THE LEGISLATURE CUT THE REFUNDS BY 20% IN THE FINAL BUDGET. PRIOR TO THE 20% BUDGET CUT THE CIRCUIT BREAKER PROGRAM REFUNDS WOULD HAVE TOTALED ABOUT $58 MILLION IN 2013 (MRS ESTIMATE).
4). IN 2013, A EARLIER VERSION OF THE TAX FAIRNESS CREDIT WAS BUDGETED TO PROVIDE $34 MILLION IN TAX CREDITS. THE ACTUAL ENDED UP TO BE ONLY ABOUT $21 MILLION. THE CURRENT VERSION OF THE TAX FAIRNESS CREDIT FOR 2014 (AND 2015) HAS BEEN
OVER ESTIMATED IN THE BUDGET. IT IS CLEAR THAT THE CREDITS WILL BE ABOUT $20 MILLION OR LESS, WHICH THE ABOVE EXAMPLES ILLUSTRATE. AT $20 MILLION THE 2015 LAW IS A DROP OF ABOUT $38 MILLION FROM THE $58 MILLION FROM THE CIRCUIT BREAKER LAW.
5). THE GOVERNOR OFFICE HAS ESTIMATED THAT THE PROPOSED 2016 TAX FAIRNESS CREDIT WILL BE ABOUT $90 MILLION IN 2016. THAT ESTIMATE IS CLEARLY WAY TOO HIGH, AS THE BELOW ILLUSTRATES IT WILL BE MORE LIKE $ 35 - $40 MILLION. IF THE 2016 BUDGET
HAS $90 MILLION FOR THE TAX FAIRNESS CREDIT, THEN WHY NOT JUST BRING BACK THE OLD CIRCUIT BREAKER PROGRAM LAW AND EXPAND IT AS IT HAS A KNOWN HISTORY AND A MORE ACCURATE ESTIMATE OF THE CREDITS. THE CREDIT IS OVERSTATED BY AT LEAST $50 MILLION.
SINGLE (UNDER AGE 65) INCOME OF
SP HOME TAXABLE ASSESSED VALUE
PROPERTY TAX ASSESSED ON APRIL 1, 2014
25,000
140,000
2,394
(A)
INCOME X 4%
PROPERTY TAX PAID UP TO 8%
DIFFERENCE
TAX REFUND AT 50%
(B)
(A) + (B)
25,000
150,000
2,565
25,000
160,000
2,736
25,000
170,000
2,907
40,000
150,000
2,565
40,000
160,000
2,736
40,000
170,000
2,907
40,000
180,000
3,078
50,000
170,000
2,907
50,000
180,000
3,078
50,000
190,000
3,249
50,000
200,000
3,420
65,000
200,000
3,420
65,000
210,000
3,591
65,000
220,000
3,762
65,000
230,000
3,933
2,000
2,000
2,000
2,000
2,394
2,565
2,736
2,907
------------------- ------------------- ------------------- ------------------394
565
736
907
3,200
3,200
3,200
3,200
2,565
2,736
2,907
3,078
------------------- ------------------- ------------------- ------------------0
0
0
0
4,000
4,000
4,000
4,000
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------0
0
0
0
5,200
5,200
5,200
5,200
3,420
3,591
3,650
3,650
------------------- ------------------- ------------------- ------------------0
0
0
0
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
------------------- ------------------- ------------------- ------------------1,000
1,000
1,000
1,000
1,600
1,600
1,600
1,600
2,565
2,736
2,907
3,078
------------------- ------------------- ------------------- ------------------965
1,136
1,307
1,478
2,000
2,000
2,000
2,000
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------907
1,078
1,249
1,420
2,600
2,600
2,600
2,600
3,420
3,591
3,650
3,650
------------------- ------------------- ------------------- ------------------820
991
1,050
1,050
500
500
500
500
483
568
654
739
454
539
625
710
410
496
525
447
533
600
600
83
168
236
196
525
0
894
1,065
1,236
1,407
483
568
654
739
454
539
625
710
410
496
525
525
2,394
2,565
2,736
2,907
1,500
1,500
1,500
1,500
------------------- ------------------- ------------------- ------------------894
1,065
1,236
1,407
(A)
INCOME X 4%
PROPERTY TAX PAID UP TO 8%
DIFFERENCE
TAX REFUND AT 50%
CIRCUIT BREAKER REFUND 2013 LAW
(B)
(A) + (B)
894
1,000
1,000
1,000
0
65
236
407
========== ========== ========== ==========
2,565
2,736
2,907
3,000
2,400
2,400
2,400
2,400
------------------- ------------------- ------------------- ------------------165
336
507
600
165
336
507
600
318
232
147
139
========== ========== ========== ==========
2,907
3,000
3,000
3,000
3,000
3,000
3,000
3,000
------------------- ------------------- ------------------- ------------------0
0
0
0
0
454
539
625
710
========== ========== ========== ==========
3,000
3,000
3,000
3,000
3,900
3,900
3,900
3,900
------------------- ------------------- ------------------- ------------------0
0
0
0
0
410
496
525
525
========== ========== ========== ==========
25,000
140,000
2,394
25,000
150,000
2,565
25,000
160,000
2,736
25,000
170,000
2,907
40,000
150,000
2,565
40,000
160,000
2,736
40,000
170,000
2,907
40,000
180,000
3,078
50,000
170,000
2,907
50,000
180,000
3,078
50,000
190,000
3,249
50,000
200,000
3,420
65,000
200,000
3,420
65,000
210,000
3,591
65,000
220,000
3,762
65,000
230,000
3,933
447
533
618
704
83
168
254
300
2,000
2,000
2,000
2,000
2,394
2,565
2,736
2,907
------------------- ------------------- ------------------- ------------------394
565
736
907
3,200
3,200
3,200
3,200
2,565
2,736
2,907
3,078
------------------- ------------------- ------------------- ------------------0
0
0
0
4,000
4,000
4,000
4,000
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------0
0
0
0
5,200
5,200
5,200
5,200
3,420
3,591
3,650
3,650
------------------- ------------------- ------------------- ------------------0
0
0
0
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
------------------- ------------------- ------------------- ------------------1,000
1,000
1,000
1,000
1,600
1,600
1,600
1,600
2,565
2,736
2,907
3,078
------------------- ------------------- ------------------- ------------------965
1,136
1,307
1,478
2,000
2,000
2,000
2,000
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------907
1,078
1,249
1,420
2,600
2,600
2,600
2,600
3,420
3,591
3,650
3,650
------------------- ------------------- ------------------- ------------------820
991
1,050
1,050
500
500
500
500
483
568
654
739
454
539
625
710
410
496
525
525
894
1,065
1,236
1,407
483
568
654
739
454
539
625
710
410
496
525
525
2,394
2,565
2,736
2,907
1,500
1,500
1,500
1,500
------------------- ------------------- ------------------- ------------------894
1,065
1,236
1,407
894
1,065
1,236
1,407
2,565
2,736
2,907
3,000
2,400
2,400
2,400
2,400
------------------- ------------------- ------------------- ------------------165
336
507
600
165
336
507
600
2,907
3,000
3,000
3,000
3,000
3,000
3,000
3,000
------------------- ------------------- ------------------- ------------------0
0
0
0
0
3,000
3,000
3,000
3,000
3,900
3,900
3,900
3,900
------------------- ------------------- ------------------- ------------------0
0
0
0
0
ATTACHMENT 2
CIRCUIT BREAKER GREATER (LESS) THAN TAX FAIRNESS
(A)
INCOME X 4%
PROPERTY TAX PAID UP TO 8%
DIFFERENCE
TAX REFUND AT 50%
0
0
0
0
========== ========== ========== ==========
318
232
147
139
========== ========== ========== ==========
454
539
625
710
========== ========== ========== ==========
410
496
525
525
========== ========== ========== ==========
40,000
170,000
2,907
40,000
180,000
3,078
40,000
190,000
3,249
40,000
200,000
3,420
55,000
180,000
3,078
55,000
190,000
3,249
55,000
200,000
3,420
55,000
210,000
3,591
65,000
200,000
3,420
65,000
210,000
3,591
65,000
220,000
3,762
65,000
230,000
3,933
85,000
230,000
3,933
85,000
240,000
4,104
85,000
250,000
4,275
85,000
275,000
4,703
254
339
425
510
60
146
17
3,200
3,200
3,200
3,200
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------0
0
49
220
4,400
4,400
4,400
4,400
3,078
3,249
3,420
3,591
------------------- ------------------- ------------------- ------------------0
0
0
0
5,200
5,200
5,200
5,200
3,420
3,591
3,762
3,933
------------------- ------------------- ------------------- ------------------0
0
0
0
6,800
6,800
6,800
6,800
3,933
4,104
4,275
4,703
------------------- ------------------- ------------------- ------------------0
0
0
0
1,600
1,600
1,600
1,600
2,907
3,078
3,200
3,200
------------------- ------------------- ------------------- ------------------1,307
1,478
1,600
1,600
2,200
2,200
2,200
2,200
3,078
3,249
3,420
3,591
------------------- ------------------- ------------------- ------------------878
1,049
1,220
1,391
2,600
2,600
2,600
2,600
3,420
3,591
3,762
3,933
------------------- ------------------- ------------------- ------------------820
991
1,162
1,333
3,400
3,400
3,400
3,400
3,933
4,104
4,275
4,703
------------------- ------------------- ------------------- ------------------533
704
875
1,303
(B)
654
739
800
800
439
525
610
696
410
496
581
667
267
352
438
651
(A) + (B)
654
739
849
1,020
439
525
610
696
410
496
581
667
267
352
438
651
2,907
3,078
3,249
3,420
2,400
2,400
2,400
2,400
------------------- ------------------- ------------------- ------------------507
678
849
1,020
(A)
INCOME X 4%
PROPERTY TAX PAID UP TO 8%
DIFFERENCE
TAX REFUND AT 50%
CIRCUIT BREAKER REFUND 2013 LAW
507
678
849
1,000
147
61
0
20
========== ========== ========== ==========
3,078
3,249
3,420
3,591
3,300
3,300
3,300
3,300
------------------- ------------------- ------------------- ------------------0
0
120
291
0
120
291
439
525
490
405
========== ========== ========== ==========
3,420
3,591
3,762
3,933
3,900
3,900
3,900
3,900
------------------- ------------------- ------------------- ------------------0
0
0
33
0
33
410
496
581
634
========== ========== ========== ==========
3,933
4,000
4,000
4,000
5,100
5,100
5,100
5,100
------------------- ------------------- ------------------- ------------------0
0
0
0
0
267
352
438
651
========== ========== ========== ==========
40,000
170,000
2,907
40,000
180,000
3,078
40,000
190,000
3,249
40,000
200,000
3,420
55,000
180,000
3,078
55,000
190,000
3,249
55,000
200,000
3,420
55,000
210,000
3,591
65,000
200,000
3,420
65,000
210,000
3,591
65,000
220,000
3,762
65,000
230,000
3,933
85,000
230,000
3,933
85,000
240,000
4,104
85,000
250,000
4,275
85,000
275,000
4,703
254
339
425
510
60
146
17
3,200
3,200
3,200
3,200
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------0
0
49
220
4,400
4,400
4,400
4,400
3,078
3,249
3,420
3,591
------------------- ------------------- ------------------- ------------------0
0
0
0
5,200
5,200
5,200
5,200
3,420
3,591
3,762
3,933
------------------- ------------------- ------------------- ------------------0
0
0
0
6,800
6,800
6,800
6,800
3,933
4,104
4,275
4,703
------------------- ------------------- ------------------- ------------------0
0
0
0
1,600
1,600
1,600
1,600
2,907
3,078
3,200
3,200
------------------- ------------------- ------------------- ------------------1,307
1,478
1,600
1,600
2,200
2,200
2,200
2,200
3,078
3,249
3,420
3,591
------------------- ------------------- ------------------- ------------------878
1,049
1,220
1,391
2,600
2,600
2,600
2,600
3,420
3,591
3,762
3,933
------------------- ------------------- ------------------- ------------------820
991
1,162
1,333
3,400
3,400
3,400
3,400
3,933
4,104
4,275
4,703
------------------- ------------------- ------------------- ------------------533
704
875
1,303
(B)
654
739
800
800
439
525
610
696
410
496
581
667
267
352
438
651
(A) + (B)
654
739
849
1,020
439
525
610
696
410
496
581
667
267
352
438
651
2,907
3,078
3,249
3,420
2,400
2,400
2,400
2,400
------------------- ------------------- ------------------- ------------------507
678
849
1,020
507
678
849
1,020
147
61
0
0
========== ========== ========== ==========
3,078
3,249
3,420
3,591
3,300
3,300
3,300
3,300
------------------- ------------------- ------------------- ------------------0
0
120
291
0
120
291
439
525
490
405
========== ========== ========== ==========
3,420
3,591
3,762
3,933
3,900
3,900
3,900
3,900
------------------- ------------------- ------------------- ------------------0
0
0
33
0
33
410
496
581
634
========== ========== ========== ==========
3,933
4,000
4,000
4,000
5,100
5,100
5,100
5,100
------------------- ------------------- ------------------- ------------------0
0
0
0
0
0
267
352
438
651
========== ========== ========== ==========
40,000
170,000
2,907
40,000
180,000
3,078
40,000
190,000
3,249
40,000
200,000
3,420
40,000
170,000
2,907
40,000
180,000
3,078
40,000
190,000
3,249
40,000
200,000
3,420
65,000
200,000
3,420
65,000
210,000
3,591
65,000
220,000
3,762
65,000
230,000
3,933
85,000
230,000
3,933
85,000
240,000
4,104
85,000
250,000
4,275
85,000
275,000
4,703
254
339
425
510
254
339
425
510
17
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
5,200
5,200
5,200
5,200
6,800
6,800
6,800
6,800
ATTACHMENT 2
PROPERTY TAX (LIMITED TO 4,750)
EXCESS OVER 8% REFUND AT 100%
(A)
INCOME X 4%
PROPERTY TAX PAID UP TO 8%
DIFFERENCE
TAX REFUND AT 50%
CIRCUIT BREAKER REFUND 2013 LAW
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------0
0
49
220
2,907
3,078
3,249
3,420
------------------- ------------------- ------------------- ------------------0
0
49
220
3,420
3,591
3,762
3,933
------------------- ------------------- ------------------- ------------------0
0
0
0
3,933
4,104
4,275
4,703
------------------- ------------------- ------------------- ------------------0
0
0
0
1,600
1,600
1,600
1,600
2,907
3,078
3,200
3,200
------------------- ------------------- ------------------- ------------------1,307
1,478
1,600
1,600
1,600
1,600
1,600
1,600
2,907
3,078
3,200
3,200
------------------- ------------------- ------------------- ------------------1,307
1,478
1,600
1,600
2,600
2,600
2,600
2,600
3,420
3,591
3,762
3,933
------------------- ------------------- ------------------- ------------------820
991
1,162
1,333
3,400
3,400
3,400
3,400
3,933
4,104
4,275
4,703
------------------- ------------------- ------------------- ------------------533
704
875
1,303
(B)
654
739
800
800
654
739
800
800
410
496
581
667
267
352
438
651
(A) + (B)
654
739
849
1,020
654
739
849
1,020
410
496
581
667
267
352
438
651
2,907
3,078
3,249
3,420
2,400
2,400
2,400
2,400
------------------- ------------------- ------------------- ------------------507
678
849
1,020
507
678
849
1,000
147
61
0
20
========== ========== ========== ==========
2,907
3,078
3,249
3,420
2,400
2,400
2,400
2,400
------------------- ------------------- ------------------- ------------------507
678
849
1,020
507
678
849
1,000
147
61
0
20
========== ========== ========== ==========
3,420
3,591
3,762
3,933
3,900
3,900
3,900
3,900
------------------- ------------------- ------------------- ------------------0
0
0
33
0
33
410
496
581
634
========== ========== ========== ==========
3,933
4,104
4,275
4,703
5,100
5,100
5,100
5,100
------------------- ------------------- ------------------- ------------------0
0
0
0
0
267
352
438
651
========== ========== ========== ==========
GOV_TAX_PLAN_2015_ATTACHMENTS
IRS TABLE
THE BELOW IRS TABLE OF 2012 FEDERAL INCOME TAX RETURNS FILED BY MAINE RESIDENTS WAS USED TO ESTIMATE THE FEDERAL INCOME TAX INCREASE FROM REDUCING MAINE INCOME TAXES
And Size of Adjusted Gross Income, Tax Year 2012
[Money amounts are in thousands of dollars]
All returns
Under
$1 [1]
$1
under
$10,000
$10,000
under
$25,000
$25,000
under
$50,000
$50,000
under
$75,000
$75,000
under
$100,000
$100,000
under
$200,000
$200,000
under
$500,000
$500,000
under
$1,000,000
$1,000,000
or
more
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
MAINE
Number of returns
631,380
9,430
100,980
146,880
158,760
91,460
54,940
11,550
1,770
800
306,030
5,720
82,750
94,290
81,540
26,450
7,950
5,740
1,250
220
130
254,360
3,030
9,180
27,570
52,940
57,400
44,570
47,610
9,940
1,490
640
60,900
22,120
20,430
6,460
54,820
380
7,910
280
40
304,790
6,590
38,150
62,330
73,740
49,300
30,490
32,790
9,030
1,610
760
1,152,530
13,680
94,720
225,410
287,700
204,030
139,200
1,920
148,740
1,350
32,090
4,890
2,070
310,000
1,840
19,930
57,760
76,330
55,210
39,830
46,230
10,620
1,630
640
-408,590
522,331
2,537,783
5,726,403
5,623,870
4,725,591
7,195,324
3,291,876
1,187,682
2,034,538
629,880
7,930
100,980
146,880
158,760
91,460
54,820
54,940
11,550
1,770
800
33,011,379
-400,323
541,997
2,590,277
5,823,070
5,710,685
4,792,028
7,315,928
3,370,575
1,211,891
2,055,250
524,240
2,550
77,970
115,700
136,760
80,690
49,150
49,340
10,000
1,480
620
22,779,316
54,068
402,221
1,842,757
4,436,064
4,261,785
3,587,643
5,242,016
1,995,201
550,315
407,246
216,570
3,610
18,090
32,130
46,940
39,350
28,800
35,430
9,740
1,680
790
325,984
14,276
9,609
28,046
42,154
39,861
34,767
59,590
40,315
17,783
39,584
126,250
2,620
10,240
17,010
24,700
21,830
16,910
23,330
7,470
1,450
710
835,579
10,958
15,208
39,335
69,170
77,377
75,625
173,603
149,820
81,255
143,228
114,820
2,380
9,070
15,070
22,090
19,770
15,460
21,760
7,120
1,420
690
651,084
7,717
9,150
24,947
46,137
53,696
55,283
133,401
123,798
69,746
127,208
107,800
350
1,350
5,420
23,070
26,860
21,000
25,330
3,720
380
340
8,413
109,802
677
835
3,183
16,198
21,854
18,841
28,083
9,218
2,501
108,390
4,060
14,680
21,760
24,160
17,080
10,820
11,900
3,230
510
220
1,331,291
-43,476
55,862
188,808
244,829
193,980
141,938
266,831
174,332
58,704
49,482
97,260
3,300
7,920
11,860
17,550
15,700
12,480
19,060
7,190
1,480
740
1,482,746
20,041
-1,446
9,622
31,935
48,493
57,419
188,173
254,704
187,824
685,981
68,000
820
5,030
12,830
16,040
12,290
8,590
9,570
2,270
380
190
967,161
9,084
18,725
80,000
137,397
145,054
145,590
256,429
109,589
24,044
41,250
125,600
1,070
8,730
25,580
31,860
23,780
15,620
15,730
2,740
340
160
2,519,295
9,545
38,177
271,745
546,732
547,167
420,526
535,307
124,703
17,975
7,417
4,690
410
440
790
1,040
790
520
520
140
30
10
49,840
200
4,520
16,980
14,860
7,210
3,560
2,270
230
** 20
264,317
1,225
15,551
93,273
80,381
39,723
18,975
13,641
1,436
** 111
**
85,520
10
200
9,930
29,630
20,120
11,880
10,780
2,380
390
190
162,969
257,798
202,470
216,214
119
54,684
9,433
**
736
15,397
36,940
1,700
1,420
3,040
5,840
5,720
4,720
8,490
4,290
1,130
580
1,469,123
-93,805
-2,696
5,574
32,368
51,381
62,388
246,496
375,252
218,995
573,170
178,980
2,390
16,650
32,450
44,410
31,840
20,940
23,750
5,110
960
490
574,569
8,267
19,666
52,494
96,667
86,815
66,437
120,604
78,699
24,209
20,712
17,860
4,809
390
20
10
40
160
940
4,000
4,380
3,740
4,180
4,450
11
31
202
928
1,091
987
1,099
94
4,120
10
50
170
410
550
520
1,260
910
180
70
5,518
19,609
24,542
6,524
67,589
883
3,241
4,525
130
206
20,580
620
1,420
2,860
4,150
3,160
2,130
3,650
1,920
430
230
126,392
2,881
5,007
12,289
20,377
18,256
13,446
28,116
18,725
4,716
2,577
16,940
70
290
1,730
4,580
4,270
2,800
2,790
320
60
20
74,088
277
828
5,512
17,114
18,666
13,094
14,982
2,896
535
183
62,060
350
2,600
11,130
19,140
12,920
8,570
7,350
61,395
392
2,273
10,083
18,807
12,567
9,470
7,803
6,960
340
1,500
1,050
990
950
460
1,670
16,750
1,220
4,573
2,552
2,154
1,896
953
3,402
2,420
30
50
100
240
340
280
650
420
160
160
25,665
245
111
155
489
944
799
2,622
4,779
3,944
11,577
2,411
188,670
3,980
12,180
36,090
39,780
34,790
47,960
11,350
1,750
790
4,180,384
60,073
180,227
515,143
661,034
663,958
1,176,962
525,169
166,157
231,661
171,920
1,270
6,740
31,340
37,820
33,920
47,170
11,150
1,730
780
1,144,462
1,784
7,755
61,146
120,690
156,358
373,935
215,597
80,239
126,958
14,070
2,090
4,490
4,160
1,710
750
660
170
10
10
1,606
795
17
34.11%
(A)
20
32,436,809
924,630
215,340
8,857
634
1,811
2,595
990
390
175,820
3,040
10,060
32,530
37,450
33,160
46,250
10,900
1,680
760
674,513
10,177
31,865
91,478
114,813
113,897
201,287
78,009
19,318
13,670
21
29.88%
1,073,777
93.82%
(A)
188,050
3,840
11,940
35,960
39,730
34,770
47,940
11,340
1,750
790
1,904,369
13,321
44,513
164,520
249,640
285,444
601,333
302,344
101,779
141,474
149,930
2,140
7,420
27,760
32,620
29,550
40,240
8,660
1,150
410
1,135,599
14,031
45,525
168,167
221,668
221,147
334,863
104,988
18,245
6,966
141,920
2,080
7,300
22,640
28,640
27,120
41,230
10,500
1,660
760
424,979
1,984
10,466
35,152
52,118
56,759
114,219
71,333
28,638
54,310
489,080
12,840
106,960
154,560
91,070
54,700
54,860
11,530
1,770
800
21,574,560
21,092
714,618
3,088,581
3,637,729
3,300,721
5,372,249
2,643,065
1,001,571
1,794,933
484,070
10
12,040
104,920
153,150
90,650
54,470
54,740
11,520
1,770
800
3,729,510
72
2,079
75,438
377,209
496,169
467,882
914,248
642,784
280,362
473,267
13,410
10
2,200
9,060
1,500
340
101,102
72
24
14
39
108
331
5,199
60,068
22,515
12,731
189,800
20
680
10
29,090
10
58,190
39,740
26,650
28,320
5,390
1,130
600
224,362
35
38
9,796
46,924
54,224
42,178
39,632
13,330
5,133
13,072
33,030
400
1,760
5,440
5,990
5,140
8,860
3,960
970
530
26,320
16
86
449
763
833
3,665
7,976
2,558
9,975
26,420
**
** 1,960
6,130
6,210
5,350
5,760
890
100
20
13,861
**
** 719
3,209
3,315
3,014
3,108
437
48
11
38,660
160
7,850
9,920
7,850
6,420
6,460
43,183
16
4,363
9,714
10,035
8,896
10,158
37,670
40
11,000
20,590
6,050
6,907
1,745
4,132
1,028
90,000
**
** 10
7,540
29,680
24,040
16,530
12,180
10
111,311
**
** 6
2,671
28,040
36,804
27,280
16,506
15,220
**
** 10
740
3,630
3,880
2,960
3,350
580
60
20
6,309
**
** 16
133
946
1,250
938
1,649
951
111
315
12,400
18,340
20
70
190
84,620
1,440
18,430
12,630
7,860
9,380
3,240
610
280
196,973
2,071
8,452
27,714
38,110
30,073
21,947
39,074
21,182
5,166
3,185
596,170
4,160
88,120
136,370
154,750
90,190
54,230
54,400
11,410
1,760
790
4,563,418
11,280
73,389
349,815
633,030
617,801
550,222
995,082
627,986
265,022
439,791
105,710
1,200
32,160
43,630
28,700
30
205,791
1,042
32,282
120,688
51,778
87,950
720
27,300
37,260
22,650
20
178,117
677
28,260
107,773
41,406
60,200
340
8,530
28,000
20,340
2,690
250
60
71,288
439
5,063
34,824
27,242
3,312
333
75
34,810
470
3,730
7,190
6,930
5,740
4,710
6,030
32,592
448
3,166
5,997
6,158
5,545
4,818
6,460
443,230
10
11,780
88,430
132,540
87,700
54,110
54,590
11,510
1,770
790
441,945
425,708
874,616
629,455
275,229
460,195
3,505,153
37
2,041
65,643
330,285
477,900
1,630
24,750
100,400
139,300
88,790
54,280
54,690
11,510
1,770
790
3,731,007
2,737
10,965
94,794
372,914
477,111
452,021
922,252
653,649
280,758
463,806
105,700
990
23,280
20,030
12,330
17,800
5,480
890
380
418,832
1,137
3,649
15,449
35,673
42,026
34,748
88,009
85,616
37,960
74,564
491,460
3,350
81,820
8,900
125,290
15,630
132,170
68,930
40,670
34,220
4,420
440
150
1,137,818
8,956
65,700
268,974
291,324
177,121
127,651
143,719
36,637
8,495
9,243
$1
under
$10,000
Under
$1 [1]
$10,000
under
$25,000
$25,000
under
$50,000
$50,000
under
$75,000
$75,000
under
$100,000
$100,000
under
$200,000
$200,000
under
$500,000
$500,000
under
$1,000,000
$1,000,000
or
more
171,920
1,270
6,740
31,340
37,820
33,920
47,170
11,150
1,730
780
1,144,462
1,784
7,755
61,146
120,690
156,358
373,935
215,597
80,239
126,958
1,405
1,151
1,951
3,191
4,610
7,927
19,336
46,381
162,767
0.1
178.40
0.1
775.50
0.15
9,171.90
0.15
18,103.50
0.15
23,453.70
0.21
78,526.35
0.25
53,899.25
0.2
16,047.80
6,657
247,131
0.37 (1)
46,974.46
21.6% (A1)
==========
1,325,000
86.4%
(A2)
(1,350,000 / 1,144,462)
(1) - THE FEDERAL TOP INCOME TAX RATE HAS INCREASED FROM 35% TO 39.5% FOR YEARS AFTER 2013.
(A) - MAINE RESIDENTS WITH INCOME OVER $50,000 REPRESENT ONLY 34% OF THE TAX FAMILIES BUT THEY ALSO REPRESENTED 94% OF THE TAXPAYERS WHO DEDUCTED MAINE INCOME TAXES.
NOTE: MAINE REVENUE SERVICES ESTIMATED THAT 91% OF INCOME TAXES ARE PAID BY TAX FAMILIES WITH INCOME OVER $51,872 FOR THE YEAR 2014..
ATTACHMENT 1
GOV_TAX_PLAN_2015_ATTACHMENTS
ATTACHMENT 1
CALCULATION OF THE FEDERAL INCOME TAX INCREASE TO MAINERS AND OTHER ISSUES THAT IMPACT 2019 TAX REDUCTION
FEDERAL
ITEMIZERS
---------------------
TOTAL
-------------------GENERAL MAINE INCOME TAX CUT FOR RESIDENTS IN 2019
INCOME TAX CUT FROM PROPERTY TAX FAIRNESS CREDIT
INCOME TAX CUT RELATED TO SALES TAX FAIRNESS CREDIT
TOTAL ESTIMATED INCOME TAX CUT IN 2019
OVERSTATED TAX FAIRNESS CREDIT
ACTUAL INCOME TAX REDUCTION
NON
ITEMIZERS
---------------------
483,500,000 (A2)
417,744,000 86.4%
65,756,000 13.6%
55,100,000
5,510,000 10.0%
50,000,000 90.0%
66,200,000
0 0.0%
66,200,000 100.0%
------------------------------------------------------------604,800,000
423,254,000 70.0% 181,956,000 30.1%
(50,000,000)
--------------------554,800,000
(5,000,000)
--------------------418,254,000
(A1)
(45,000,000)
--------------------136,956,000
21.6%
--------------------90,316,210
===========
90,315,000
604,800,000
(50,000,000)
(90,315,000)
(288,800,000)
(28,800,000)
3,024,000
-------------------149,909,000
==========
(1)
(1) - THE GOVERNOR CLAIMS THAT HIS BUDGET WILL CREATE A $300 MILLION TAX CUT TO MAINERS. AT MOST IT IS ONLY $150 MILLION.
ALSO THAT IGNORES THAT PROPERTY TAXES WILL GO UP DUE TO LOSS OF REVENUE SHARING AND THAT OTHER TAXES WILL NEED TO
BE RAISED TO COVER THE REVENUE SHORTFALL IN 2019 THAT HAS NOT BEEN ADDRESSED.
(A1) AND (A2) - THE 86.4% OF TAXES PAID BY ITEMIZERS AND THE 21.6% WEIGHTED AVERAGE FEDERAL TAX RATE
COMES FROM THE ATTACHED IRS DATA ON 2012 MAINE TAXPAYERS. SEE IRS TABLE TAB.
(A3) - THE VAST MAJORITY OF THE PROPERTY TAX FAIRNESS CREDIT WILL BENEFIT NON ITEMIZERS.
(A4) - IT IS VERY UNLIKELY ANY TAXPAYERS WHO RECEIVE THE SALES TAX CREDIT WILL ITEMIZE DEDUCTIONS, ASSUMED NONE.
(A3)
(A4)