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Congratulations to Rep. Gary Friedmann and U.S. Senate candidate Graham Platner.
The Maine Legislature has passed a law that will add an additional 2% tax onto very high income individuals who have a one year income of greater than $1 million. As an example, if a single individual reports $1.1 million in income for the year, they will pay 2% on the amount greater than $1 million or $2,000 in taxes.
That is essentially a minor rounding number for such an individual. Their stock portfolio likely goes up and down by that much every few hours. I don’t think it will have any effect on their lives or ability to buy their next jet or luxury, let alone pay for the electricity or oil bill. They probably pay accountants to decrease their tax liability and don’t need our sympathy for this. I don’t believe wealthy individuals will leave the state to avoid this trivial additional tax.
The budget with this tax was signed by Gov. Janet Mills who previously had not been in favor of it. I think this is almost certainly due to the pressure from her primary rival for the Senate, Graham Platner, who strongly supports higher taxes on the rich.
Rep. Friedmann is the chair of the Progressive Caucus of the House Democrats and had a major role in getting this legislation passed. This bill is expected to raise nearly $90 million next year that can help working class Mainers in many ways.
Gary and Graham deserve our thanks and our support.
Philip Brooks
Bar Harbor
