By aadimillo, unverified — Fri, 08/28/2009 - 07:07
Albert A. DiMillo, Jr.
The proponents of LD 1495 (mostly Democrats) are the ones that are spreading lies about this "Tax Reform" law. For example, proponents claim that the estimated tax savings will be $57 million. This is not true. In a meeting with the Maine Revenue Services two weeks ago with both me and Senator Trahan, the MRS stated that the correct number for 2010 is $53.9 million not $57 million and said that they did not know where the Democrats get their $57 million figure. In addition, the MRS admitted that they are projecting that $5.7 million of the $53.9 million will not be paid out, because they assume that only 50% of the tax refunds to low income Mainers who normally do not file income tax returns will not file to get their tax refund. So the MRS number in 2010 is really $48.2 million. The MRS also stated that this number will decrease by at least another $17 million by 2013 due to the lost of indexing for inflation. So by 2013 the tax saving is down to about $31 million based on their estimate that assumes an unreasonably low inflation factor. Now the really good news is that the MRS estimated that a group of less than 5,000 taxpayers with income over $350,000 will in 2013 receive more than $34 million in tax cuts. So this group will be getting more than 100% of the net $31 million tax cut estimated by the MRS to be received in 2013. Which means the other 99.3% of Mainers will have a net tax increase of $3 million in 2013. When one uses a more realistic inflation factor, the MRS numbers get much worse. My estimate is that the tax increase to the 99.3% of Mainers is more likely to be about $15 - $20 million. To get the real facts go to mainedemocratstaxreform.org. I am a Democrat, but refuse to spread lies like other less ethical Democrats.
By aadimillo, unverified — Thu, 08/27/2009 - 08:38
Albert A. DiMillo, Jr.
"The law lowers the state income tax from 8.5 percent to 6.5 percent for most Mainers." This is a lie. Actually this statement is true for less than 5% of Mainers. More than 63% of Mainers have a top tax rate from 2% to 7%. For those that do reach the 8.5% rate under old law they are in a 8% top rate under the new law. For some taxpayers over age 65 their top rate is 10% under the new law.
The Maine Revenue Services (MRS) prepared a report on the impact of the new law on Maine taxpayers. The report illustrated that a group of 4,456 taxpayers in the top 1% of Mainers earning over $333,388 will get $27.8 million of the total $53.9 million net tax cut. Accordingly, these 4,456 taxpayers will receive about 52% of the reported tax savings in 2010. In addition, because LD 1495 does not have inflation adjustments until 2014 that were in the old Maine law, the tax savings in 2010 for 99.3% of Mainers will become a tax increase in 2013, assuming a conservative inflation rate of 2.5% per year in 2011-2013. In 2013, this group of 4,456 taxpayers will have a tax decrease in total of $27 million, while the other 99.3% of Maine taxpayers will see a tax increase of more than $24 million.
I welcome an honest debate based on the facts, but based on the past actions of the proponents of LD 1495, that is unlikely to happen. Instead proponents like Rep. Piotti want to suppress the facts and asks voters to not sign a petition that will give them the time to educate themselves on this poorly designed tax law. Why are they so afraid of the truth? Start educating yourself by going to www.mainedemocratstaxreform.org.
By aadimillo, unverified — Sun, 08/23/2009 - 09:19
Albert A. DiMillo, Jr.
To Tron,
I am a long-time democrat, a retired CPA and corporate tax director with over 30 years of tax experience and I am working (without pay) with Senator Trahan on repeal. If you want to know the real facts about this law go to www.mainedemocratstaxrefiorm.org. With regard to a better plan, I meet with Rep. Piotti over 18 months ago and voiced my concerns over the last attempt at tax reform and offered my help to draft a fair tax reform package. For over 12 months Rep. Piotti said in several E-Mails to me that he would get me involved as he said in his 3/8/08 E-mail to me "Thanks for your info. I truly appreciate it. (I'm for anything that points out holes and helps us make a product better." Rep. Piotti met with me in late March 2009, only to tell me that he had a new bill and hoped I would like it. I didn't and testified against it a few days later in April of 2009. At that hearing and many times after that through the law passing on June 12, 2009, I suggested ways to make the bill better. The answer is they did not want any input from anyone. What you should be asking is why did all the Democrats (except for 5) vote on for a bill they did not read and clearly did not understand.
By aadimillo, unverified — Fri, 08/07/2009 - 09:07
Jon of Dixfield
Unlike Mr. Piotti, who has no tax experience and is a politician, I am a retired Corporate Tax Director and CPA with 30 years of tax experience and have no reason to lie. I have spent over 200 hours of detail calculations and none of my calculations have been found to be in error. However, with regard to Mr. Piotti and their presentations on tax reform, there were numerous errors and many deceptive statements. For more than a month the Democrat's website had a video presentation that contained errors. Finally after several people including me mentioned these errors they were corrected, however, the deceptive statements remained. Now the video presentation has been removed entirely. Jon you are the type of Democrat that gives our party a bad name, because you lack the knowledge on an issue but are quick to give an opinion despite not knowing most of the facts. Get the facts and then you can comment. Send me your E-mail and I will give you the facts. My e-mail is aadimillo@yahoo.com.
By aadimillo, unverified — Fri, 08/07/2009 - 08:52
Ms. Metzler,
In your article this morning you made the following statement:
"The law lowers the state income tax for most Mainers from 8.5 percent to 6.5 percent."
That statement is false and your paper needs to print a correction. If you had shown up for the presentation at the beginning, you would have known that to be false. The Maine Revenue Services (MRS) reports that more than 63% of Mainers have a top marginal tax rate of 2% - 7%, so they never reach the 8.5% marginal tax bracket. Also MRS reported that the overall effective tax rate for all Mainers in 2007 was 3.2%. Accordingly, your reference to the 8.5% tax rate under old law is almost meaningless. Second for most taxpayers that do have income high enough to reach the 8.5% tax bracket under the old law, they will be in an 8% tax bracket under the new law. The fact is less than 5% of Mainers will see their top tax bracket go down from 8.5% to 6.5%. So unless you believe 5% is the same as most than your statement is false and must be corrected.
aadimillo's Comments
Albert A. DiMillo, Jr. The
Albert A. DiMillo, Jr.
The proponents of LD 1495 (mostly Democrats) are the ones that are spreading lies about this "Tax Reform" law. For example, proponents claim that the estimated tax savings will be $57 million. This is not true. In a meeting with the Maine Revenue Services two weeks ago with both me and Senator Trahan, the MRS stated that the correct number for 2010 is $53.9 million not $57 million and said that they did not know where the Democrats get their $57 million figure. In addition, the MRS admitted that they are projecting that $5.7 million of the $53.9 million will not be paid out, because they assume that only 50% of the tax refunds to low income Mainers who normally do not file income tax returns will not file to get their tax refund. So the MRS number in 2010 is really $48.2 million. The MRS also stated that this number will decrease by at least another $17 million by 2013 due to the lost of indexing for inflation. So by 2013 the tax saving is down to about $31 million based on their estimate that assumes an unreasonably low inflation factor. Now the really good news is that the MRS estimated that a group of less than 5,000 taxpayers with income over $350,000 will in 2013 receive more than $34 million in tax cuts. So this group will be getting more than 100% of the net $31 million tax cut estimated by the MRS to be received in 2013. Which means the other 99.3% of Mainers will have a net tax increase of $3 million in 2013. When one uses a more realistic inflation factor, the MRS numbers get much worse. My estimate is that the tax increase to the 99.3% of Mainers is more likely to be about $15 - $20 million. To get the real facts go to mainedemocratstaxreform.org. I am a Democrat, but refuse to spread lies like other less ethical Democrats.
Albert A. DiMillo, Jr. "The
Albert A. DiMillo, Jr.
"The law lowers the state income tax from 8.5 percent to 6.5 percent for most Mainers." This is a lie. Actually this statement is true for less than 5% of Mainers. More than 63% of Mainers have a top tax rate from 2% to 7%. For those that do reach the 8.5% rate under old law they are in a 8% top rate under the new law. For some taxpayers over age 65 their top rate is 10% under the new law.
The Maine Revenue Services (MRS) prepared a report on the impact of the new law on Maine taxpayers. The report illustrated that a group of 4,456 taxpayers in the top 1% of Mainers earning over $333,388 will get $27.8 million of the total $53.9 million net tax cut. Accordingly, these 4,456 taxpayers will receive about 52% of the reported tax savings in 2010. In addition, because LD 1495 does not have inflation adjustments until 2014 that were in the old Maine law, the tax savings in 2010 for 99.3% of Mainers will become a tax increase in 2013, assuming a conservative inflation rate of 2.5% per year in 2011-2013. In 2013, this group of 4,456 taxpayers will have a tax decrease in total of $27 million, while the other 99.3% of Maine taxpayers will see a tax increase of more than $24 million.
I welcome an honest debate based on the facts, but based on the past actions of the proponents of LD 1495, that is unlikely to happen. Instead proponents like Rep. Piotti want to suppress the facts and asks voters to not sign a petition that will give them the time to educate themselves on this poorly designed tax law. Why are they so afraid of the truth? Start educating yourself by going to www.mainedemocratstaxreform.org.
Albert A. DiMillo, Jr. To
Albert A. DiMillo, Jr.
To Tron,
I am a long-time democrat, a retired CPA and corporate tax director with over 30 years of tax experience and I am working (without pay) with Senator Trahan on repeal. If you want to know the real facts about this law go to www.mainedemocratstaxrefiorm.org. With regard to a better plan, I meet with Rep. Piotti over 18 months ago and voiced my concerns over the last attempt at tax reform and offered my help to draft a fair tax reform package. For over 12 months Rep. Piotti said in several E-Mails to me that he would get me involved as he said in his 3/8/08 E-mail to me "Thanks for your info. I truly appreciate it. (I'm for anything that points out holes and helps us make a product better." Rep. Piotti met with me in late March 2009, only to tell me that he had a new bill and hoped I would like it. I didn't and testified against it a few days later in April of 2009. At that hearing and many times after that through the law passing on June 12, 2009, I suggested ways to make the bill better. The answer is they did not want any input from anyone. What you should be asking is why did all the Democrats (except for 5) vote on for a bill they did not read and clearly did not understand.
Jon of Dixfield Unlike Mr.
Jon of Dixfield
Unlike Mr. Piotti, who has no tax experience and is a politician, I am a retired Corporate Tax Director and CPA with 30 years of tax experience and have no reason to lie. I have spent over 200 hours of detail calculations and none of my calculations have been found to be in error. However, with regard to Mr. Piotti and their presentations on tax reform, there were numerous errors and many deceptive statements. For more than a month the Democrat's website had a video presentation that contained errors. Finally after several people including me mentioned these errors they were corrected, however, the deceptive statements remained. Now the video presentation has been removed entirely. Jon you are the type of Democrat that gives our party a bad name, because you lack the knowledge on an issue but are quick to give an opinion despite not knowing most of the facts. Get the facts and then you can comment. Send me your E-mail and I will give you the facts. My e-mail is aadimillo@yahoo.com.
Ms. Metzler, In your article
Ms. Metzler,
In your article this morning you made the following statement:
"The law lowers the state income tax for most Mainers from 8.5 percent to 6.5 percent."
That statement is false and your paper needs to print a correction. If you had shown up for the presentation at the beginning, you would have known that to be false. The Maine Revenue Services (MRS) reports that more than 63% of Mainers have a top marginal tax rate of 2% - 7%, so they never reach the 8.5% marginal tax bracket. Also MRS reported that the overall effective tax rate for all Mainers in 2007 was 3.2%. Accordingly, your reference to the 8.5% tax rate under old law is almost meaningless. Second for most taxpayers that do have income high enough to reach the 8.5% tax bracket under the old law, they will be in an 8% tax bracket under the new law. The fact is less than 5% of Mainers will see their top tax bracket go down from 8.5% to 6.5%. So unless you believe 5% is the same as most than your statement is false and must be corrected.