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State lawmaker proposes expanding estate tax

(WABI)
Published: Mar. 5, 2020 at 6:17 PM EST
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A rally was held at the State House Thursday in support of a bill aimed at expanding the estate tax.

The bill looks to tax inherited estates over $2 million. Currently the limit is $5.8 million.

Supporters say this is a tax that will help with income inequality.

"We need more revenue," said Rep. Benjamin Collings, D-Portland, the bill's sponsor. "The cost of everything in our state, in our country, in our society is going up, but the amount of money that most average people are making has not gone up with inflation. So people are struggling. People are getting squeezed. We need more revenue. One of the fair ways to do it are taxes like these, which tax the people that can afford it the most, and that's what the spirit of this is all about."

It's estimated this will provide an additional 14-million-dollars to the state in annual revenue.

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