Vermont corporate income tax (CIT) receipts through September, 2018 jumped a whopping 80 percent over the first nine months of 2017. Grateful lawmakers can thank the main architect of the 2017 federal tax cuts: President Donald Trump.
“We employ about 500 employees, and thanks to Mr. Trump and tax reforms and the general confidence in the economy, we have really been able to invest more in our employees and grow our company in the last year,” Wilson told the gathering.
Just 50 employees receiving a modest, average $10,000 in combined federal benefits would require your company to send the IRS an extra half-million dollars a year.
The House Ways and Means Committee plans to consider a series of three new bills that it is calling “Tax Reform 2.0.” The package would make much of last year’s tax reform permanent, introduce new simplifications for family saving, and provide a helping hand for new small businesses.
Voters passed a budget of $746,813 for FY 2019, an increase of $115,000 over the previous year’s spending plan. With $633,813 of that sum to be raised by taxes, the Board of Trustees signed off on a tax rate of 0.1970 cents per $100 of valuation, representing a rate increase of 35.8 percent.
Thanks to the Tax Cuts and Jobs Act passed by Congress and signed by President Donald Trump, 90 percent of American wage earners have higher take-home pay, Americans for Tax Reform reported.
Vermont Democratic nominee for governor Christine Hallquist is in favor of economic growth, at least in theory. In practice, economic growth takes second fiddle to higher taxes.
The federal deficit rose 20 percent due primarily to an increase in spending, the Congressional Budget Office reported Tuesday.
Incorrect tax notices have caused confusion across the state, most recently in Whitingham, where nearly 80 homeowners received notices that didn’t jibe with previous years.
Squeezing just “the rich” won’t be enough to satisfy the progressives’ thirst for other people’s money. Everybody will be squeezed, and squeezed hard.
In 2017, Vermont had the third most oppressive business taxes in the country. After our 2018 tax hike, Vermont can compete with California and New Jersey for the ignominious title of “state with the highest taxes on enterprise.”