Vermont continues to rank behind most other states when it comes to tax burden, according to a report by 24/7 Wall Street.
The flood of proposed new taxes, regulations and curbs on traditional culture have something in common: they are almost universally hostile to low- and middle-income, rural, working Vermonters.
On average, Republicans received higher scores on both spending and taxes than Democrats did. Although the Republican advantage on taxes was greater than on spending, the report notes.
This year some Vermonters are paying what amounts to a new, stealth income tax. That’s the word from Steve Cairns, owner of Advisor Tax Services in Stowe.
Gov. Phil Scott and some key legislative leaders indicated a willingness to reform Vermont’s estate tax, raising the exemption from $2.75 million to $5.75 million. This is a good step. An even better step would be to eliminate the estate tax all together.
The total estimated annual price tag is $106 million. This number does not include start-up costs, and is potentially underestimating the ongoing administrative costs, perhaps significantly.
If we don’t change our tax policies we will not only find that we can’t attract high asset retirees, but we will neither be able to retain our own. And, like New York, we will find ourselves wondering where our revenue has gone.
The Democratic governor said Monday that changes to the federal tax law resulted in his state losing $2.3 billion in tax revenue. The 2017 law capping deduction for state and local taxes at $10,000 is the reason for the shortfall and immigration out of the state, he said.
The fiscal self-dealing, irresponsibility, insider trading and waste in Vermont is too epic to continue ignoring. We need to “Vexit” the fiscal insanity going on in our state.
Two of the most important rules of tax policy: Don’t discourage new investments and don’t discourage entrepreneurship. Wealth taxes break both rules.
Vermont Democrats’ and Progressives’ first priority is to pass a mandatory, government-run paid family leave program that will require a new payroll tax. This proposal demonstrates exactly why Vermont is an unaffordable, unfriendly place to live and do business.