Here’s an overview of how the three tax reform plans pending before the Legislature compare:

INCOME TAX RATE

Current law: 7.95 percent for people earning $20,900 or more; 5.5 percent for people earning between $5,200 and $20,899; 0 percent for people earning $0 and 5,200.

LePage: 5.75 percent top rate and bottom rate, 6.5 percent for “middle income earners”; 5.75 percent rate kicks in for people earning between $9,700 and $49,000; 6.5 percent kicks in at $50,000 to $174,999; 5.75 percent kicks in for people earning $175,000 or more.

Democrats: 7.95 percent rate for people earning $150,000 or more, 7.5 percent for people earning $50,000 or more, 6.5 percent for people earning $25,000 or more, 6 percent for people earning $5,200 or more.

Republicans: 6.75 percent for people earning more than $50,000 next year, falling to 6.5 percent in fiscal year 2017, 6.25 percent for people earning between $5,201 and $50,000 next year, falling to 5.95 percent in fiscal year 2017, 0 percent for people earning between $0 and 5,200.

SALES TAX

Current law: 5.5 percent, falls to 5 percent on July 1, 2015

LePage: 6.5 percent

Democrats: Maintain current temporary rate of 5.5 percent

Republicans: Maintain current temporary fate of 5.5 percent

MEALS TAX

Current law: 8 percent, falls to 7 percent on July 1, 2015

LePage: Decrease to 6.5 percent

Democrats: Maintain 8 percent

Republicans: Increase to 9 percent

LODGING TAX

Current law: 8 percent, falls to 7 percent on July 1, 2015

LePage: Maintain 8 percent

Democrats: Maintain 8 percent

Republicans: Increase to 9 percent

SHORT-TERM RENTAL TAX

Current law: 10 percent

LePage: 6.5 percent

Democrats: Maintains current rate

Republicans: Maintains current rate

SALES TAX BASE EXPANSION

LePage: Has proposed expanding the sales tax to a number of goods and services to generate $119 million in annual revenue.

Democrats: Have also proposed expanded sales tax base, but not as much. Expected to generate $100 million in annual revenue.

Republicans: Do not expand the sales tax base.

HOMESTEAD PROPERTY TAX EXEMPTION

Current law: $10,000 for a permanent resident who has owned a homestead for 12 months

LePage: Increases exemption to $20,000 for persons 65 and older, eliminates for people below 65.

Democrats: $20,000 for all eligible homeowners

Republicans: Maintain current exemption

REVENUE SHARING

Current law: Takes 5 percent of income tax, sales tax and a portion of service provider tax revenues for state aid to municipalities

LePage: Provides $62.5 million in fiscal year 2016 and eliminates the revenue sharing thereafter

Democrats: Increases revenue sharing by 2.5 percent to provide $77 million annually.

Republicans: Maintain current level of funding, $62.5 million in fiscal year 2016

Copy the Story Link