Maine’s Overall Tax Burden Down 41% Since 2010
Republican led initiatives putting Maine on better fiscal footing; but there is still work to do
Augusta – Recently released data offers proof that policies and initiatives put forward by Governor LePage and Legislative Republicans are working and putting Maine on a path to fiscal responsibility.
Findings of a report released today by Truth in Accounting, a group of nonpartisan fiscal analysts, shows Maine’s tax burden has decreased from $15,000 per resident in 2010 to $8,800 in 2014.
This data illustrates the positive impact of Republican led policies like pension reform and the repayment $500 million in debt to Maine’s hospitals on the overall financial stability of the state.
The methodology of the report is simple:
A state’s available assets – Bills = Money Needed
Money Needed divided by the number of taxpayers = Total Tax Burden
Prior to Governor LePage taking office in 2010, every Maine taxpayer would have had to write a check for $15,000 to the state treasury to pay the state’s monetary needs. Today, thanks to Republican leadership, that amount is down to $8,800. That’s improving but we still have a long way to go and a lot of work to do. 11 states actually have a tax surplus which is where Maine House Republicans strive to be.
“There is no doubt that Republican led reforms such as pension reform, the repayment of the hospital debt and not expanding Medicaid has led to this significantly improved financial standing for Maine taxpayers,” said House Republican Leader Rep. Ken Fredette of Newport. “Republicans continue to push for similar reforms while Democrats are content with the status quo on issues such as welfare reform and energy reform.”
“We certainly think this report shows that we are moving in the right direction,” said Assistant House Republican Leader Ellie Espling. “House Republicans will continue to support initiatives further lowering the tax burden of Mainers.”
Below is a link to the data from 2010:
Below is a link to the 2014 data: