Revenue from levies on alcohol, tobacco, marijuana and gambling have risen sharply in the last five years, and now account for $353 million a year – 7% of the state’s $5.1 billion annual budget.
taxes
Posted inNation & World, News
Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
A government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
advertisement
Posted inBusiness, Nation & World
Your tax refund could be bigger this year. Here’s what to do with it.
Experts generally advise putting it toward debt and savings, but, for many people, that’s unrealistic.
Posted inLocal & State, Politics
Mills vetoes bill restructuring income tax brackets
The bill aimed to reduce the tax burden for middle-income residents while also raising taxes on the wealthy, but Gov. Janet Mills said it would not provide meaningful relief and could create challenges for state budgeting.
Posted inLocal & State, News, Politics
Maine lawmakers endorse higher tax brackets for wealthier residents
Both the House and Senate this week passed a bill that lowers state income taxes for low- and middle-wage earners.
Posted inNation & World
The IRS has 940,000 unclaimed tax refunds from 2020. Is one of them yours?
People in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Posted inBusiness, Local & State, Politics
Gov. Mills proposes exempting all Maine nonprofits from sales tax
The change, which would cost the state about $10 million annually, is necessary to simplify the tax code and reduce confusion, officials say.
Posted inNation & World, News
IRS to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
Tax revenues are expected to rise by as much as $561 billion from 2024 to 2034, thanks to stepped-up enforcement made possible with money from the Democrats’ Inflation Reduction Act.
Posted inBusiness, Local & State, News
State web portal now open for filing Maine personal income tax returns
Maine Revenue Services is offering free webinars for individuals and tax professionals on how to use the online portal to file, pay and manage state income tax returns.
Posted inOp-Eds, Opinion
Opinion: Tax reform key to solving housing, health care crises
We have two systems of support in this country: welfare and tax breaks.