A proposal approved by Maine Legislature’s Appropriations and Financial Affairs Committee last week slightly shifts the tax burden from middle and lower income people to the wealthy. It proposes a wealth tax of 2% for individuals with incomes over $1 million and couples earning over $2 million. For example, an individual with a taxable income of $2 million would pay an additional $20,000 if the bill is enacted.

Some of our state reps worried about angering their constituents by voting for this bill. Millionaires should have been encouraging their representatives to vote “Yes” on it.

The additional $20,000 (using the above example) would go directly to fund public education, by far the best investment a state can make to improve its economy. A good public school system reduces low-income people’s dependence on public programs by creating a more skilled workforce, which increases the purchasing power of Maine’s consumer base. Those benefits trickle up to millionaires, their companies and their investments.

One doesn’t have to look far to see examples; the states with the strongest economies have students who perform best on standardized achievement tests.

Millionaires get richer when they live in richer states. Let’s enrich Maine with trickle-up tax reform that will be the best investment a millionaire can make.

Barbara Williams
Hallowell