Personal Taxes

Maine: Earnings Tax | Tennessee Information

Breakdown of tax sources:

– Income tax: 36.6%

– General sales tax: 34.5%

– Selective sales tax: 15.3%

– License tax: 6.2%

– Corporate income tax: 5.4%

– Severance payment tax: 0%

– Property tax: 0.9%

– Other taxes: 1.1%

Maine’s tax revenue has been hit hard by the impact of the coronavirus on local business, especially tourism. A projected decline in revenue of $ 1.4 billion is expected over the next three fiscal years. The governor has vowed to tackle any double taxation of residents who work for companies outside of the state, particularly Massachusetts, which imposes income taxes on employees who work from home in Maine.

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