Maine Gubernatorial Candidate Troy Jackson unveils new fair share tax plan
On Monday former Senate President and Maine Gubernatorial Candidate Troy Jackson unveiled a new fair share tax plan for Maine that ensures the wealthy pay their fair share and makes key investments in child care, health care, housing and education.
“For too long, working and middle-class families have carried too much of the load while the very wealthy have been allowed to skate by. It’s time for a fair tax system - one that rewards hard work and asks successful corporations and those at the top to pay their fair share,” said Jackson. “As Governor, I’m going to repeal the 2011 LePage tax breaks for the rich, make our tax code fair and invest in housing, child care, long-term care, health care and education. Maine’s working families, economy and future depend on it.”
This plan includes:
1. Making Millionaires Pay Their Fair Share
As Governor, Troy would propose a 4 percent surtax on income over $1 million dollars to fund programs to benefit working class Mainers. Troy would also raise taxes on investment income to ensure that wealth generated through investments contributes fairly to the state's resources.
“Troy supports a tax on wealth proceeds so that income generated through accumulated wealth is no longer shielded from the kind of responsibility working people already carry every day,” the Jackson campaign stated. “Wealth should not get special treatment just because it is structured differently on paper. Maine can and should ask more of those making enormous sums from investments and other wealth-based income streams."
2. No Free Ride for Billionaires
Troy supports working with other states on an interstate compact to pursue taxation of ultra-high net worth households, including a minimum 5 percent annual tax on assets above $1 billion.
“Because that kind of policy requires coordination and will face legal and administrative hurdles, Troy views this as a multistate reform effort, not a short-term Maine-only budget gimmick,” the campaign stated. “But he believes the direction is right: billionaires should not be able to hide behind state lines while working people pay the bills.”
3. Making Successful Corporations Pay Their Fair Share
As Governor, Troy would propose raising the top corporate tax rate on profits over $3.5 million by 1 percent. This modest change would create $50 million in revenue each year, providing the necessary funding to expand access to quality, affordable child care across Maine–a workforce investment that will attract businesses and pay dividends in revenue. Troy would also work to close wasteful corporate tax breaks and loopholes that reward powerful interests without delivering for Maine workers and communities.
4. Making Maine’s Tax Code Fair
In 2011, former Governor Paul LePage slashed funding for education, property tax relief, first responders, state worker pensions and more, all so he could give tax breaks to his wealthy friends. Troy was one of only a handful of Democrats who stood strong and refused to support that bogus plan. Now is the time to reverse those cuts, make Maine’s tax code fair, and invest in our communities, our state, and our future.
"Mainers deserve a fair tax system, and as governor, I'm committed to restoring economic justice and creating a tax code that works for all Mainers," Jackson said. "Not just the wealthy elite, that is not who I am concerned about, they are going to be fine."