Maine: Land of Opportunity
MAINE — In his 2015 State of the State speech, Governor LePage, a former mayor of Waterville, pledged to work on a budget and tax plan that would make sure more taxes are paid by tourists. This change would not be a tax shift, he assured Maine citizens, but a tax cut. “My vision is a Maine with no income tax,” he says. “But I’m no magician. It takes time.”
The tax rate has been reduced in recent years from 8.5 percent – one of the highest in the country – to 7.95 percent. The governor’s plan would reduce it to 5.75 percent, or a 40 percent decrease since he took office in 2011.
The plan would reduce the tax burden on families and small businesses by $300 million. “I ask for a constitutional amendment that will direct all growth in revenue to go toward eliminating the income tax—once and for all,” he said in his speech.
He also wants to cut the corporate tax, which he says is “a job killer.”
He promised to reduce energy rates and fix the broken renewable energy policies in the state. “We have affordable natural gas right in our backyard and hydropower just over the border in Canada,” he says. “Let’s use it.”
Read more about how Maine is making impressive changes and using incentives to lure new business.
Source: Business Xpansion Journal