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Showing posts with the label Chained Consumer Price Index

Maine's Minimum Wage Bill Ties Increase to Inflation

TWEET THIS  http://goo.gl/CxEs6H Mikkel Clair Nissen Of Denmakrk Rants About Minimum Wage Hoax By Danish Government   An Act To Adjust Maine's Minimum Wage Annually Based on Cost-of-living Changes Be it enacted by the People of the State of Maine as follows: Sec. 1.  26 MRSA §664, sub-§1,   as amended by PL 2007, c. 640, §4,  is further amended to read: 1.  Minimum wage.     The minimum hourly wage is  $6.50 per hour. Starting October 1, 2006, the minimum hourly wage is $6.75 per hour. Starting October 1, 2007, the minimum hourly wage is $7.00 per hour. Starting October 1, 2008, the minimum hourly wage is $7.25 per hour. Starting October 1, 2009, the minimum hourly wage is  $7.50 per hour.  Starting October 1, 2013, the minimum hourly wage is $8.50 per hour. Starting October 1, 2014 and each October 1st thereafter, if there is an increase in the Consumer Price Index on June 30th of that year from the Consumer Price Index on June 30th of the preceding year, the minim

"Improved" Seed Capital Tax Credit Ramps Up Benefits For Maine's "Targeted Sector"

Tweet This !! http://goo.gl/BLmk7E Sales Tax Increase for Main Street but An Exemption for The Targeted Sector As Previously reported , the entire retail sector is excluded from the services and redistributive benefits of The Maine Department of Economic and Community Development so why is Mr Douglas Ray, the legislative liaison for the DECD issuing a press release about a sales tax exemption for one of Maine's special interest industries- the aviation industry ? Looks like it isn't the entire retail industry after all- merely Main Street that is excluded. The extension of a sales-tax-free-ride for a favored special interest in the legislature's "targeted sector", comes after recently announcing a new tax hike on the general Maine economy. Championing the sales tax relief for the Aviation Industry is Governor Paul LePage who says "This exemption is absolutely critical to sustaining and building upon the success the industry has already exper

The Chained Consumer Price Index: Standard of Living Spirals Downward As Cost of Living Decreases

I am taking a short break  from my story line to report of several other issues of import. the first being the new accounting method which the government has devised to calculate increases in the cost of living. Based on this new accounting devise alone, The government can now report that the rate of increase in the  cost of living is on the decline. The new method is call Chained Consumer Price Index.  It is in the newly proposed budget for Maine but I believe that the source is the federal government: Title 36: TAXATION  Part 8: INCOME TAXES  Chapter 841: INFLATION ADJUSTMENTS  §5402. Definition s This Part suspends the inflation adjustment for income tax brackets for tax year beginning in 2014 and 2015 and provides that the inflation adjustment calculation for tax years beginning after 2015 must be based on the Chained Consumer Price Index instead of the Consumer Price Index Here is my layman's analysis based on this article: Measuring Up:The Case for the