Maine’s budget increased cumulatively more than pop+inf in state funds and all funds from 2014-23, meaning taxes are higher than the average taxpayer can afford.
- The 2023 state funds budget is $1.6 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew faster than population growth plus inflation for the last ten years, the state spent and taxed $4.1 billion too much.
- The 2023 all funds budget is $3.2 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $10.7 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $8.41
- FY 2025 Only State Funds Budget Limit ($ Billions): $8.92
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 6.12%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $1,144
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $4,577
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: $2,954
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: $11,815
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $13.48
- FY 2025 All Funds Budget Limit ($ Billions): $14.30
- FY 2025 All Funds Budget Limit Growth ($ Billions): 6.12%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 2318.190566
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 9,273
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 7,677
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 30,708
Other Considerations
- Economic Freedom of North America (2021) (Rank): 41 [Fraser Institute]
- Economic Freedom (2022) (Rank): 45 [Cato Institute]
- Fiscal Policy (2022) (Rank): 41 [Cato Institute]
- Regulatory Policy (2022) (Rank): 45 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $3,973 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 15 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $6,906 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 12.40% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 41 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 7.15% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 41 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): P [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 34 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 8.96% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 46 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 5.50% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 9 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 1.24% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 16 [Tax Foundation]
- Economic Outlook (2024) (Rank): 45 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 18 [American Legislative Exchange Council]
- Tax and Expenditure Limit (0-3): 1 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 15 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): N [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $12,079 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 18 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 8.9 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 16 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 4.6 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 1 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 59.00% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 42 [Bureau of Labor Statistics]