Senate makes changes to tax extenders
Calif. voters: Prop 13 'yes,' 15 & 16 'no'

Maine voters repeal tax overhaul

Maine voters, not convinced proposed lower income tax rates really would save them money, rejected the state's proposed tax system overhaul yesterday.

It was handily defeated. Sixty-one percent of voters opted to repeal the plan approved last year by the Maine legislature to lower the state's top income tax rate from 8.5 percent to 6.5 percent.

To make up the loss of income tax collections, the state wanted to broaden its sales tax base. Many items and services now tax-free would have been subject to the state's 5 percent sales tax; others, such as food and lodging levies, would have been raised.

But the tax system overhaul, the implementation of which was delayed pending yesterday's referendum, is now on permanent hold.

And it's back to the tax drawing board for Mainers in their effort to find funding.

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Wow, they got to vote and the tax proposals were not thrust on them?
India is overhauling its tax system. Our tax laws date back to 1961 (with yearly amendments), we are gearing for a new Tax Act and fortunately this has been thrown open for discussion and a new discussion draft based on earlier responses will be out soon. So there will be lots of action in taxland, here in India. Have a nice weekend.

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