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.
The multi-million dollar projects are the latest to get attention because of their approach to financing — increasing the city’s sales tax from 7 percent to 8 percent via a local option tax on food, lodging and alcohol.
If Ocasio-Cortez’s call for “60 or 70 percent” top tax rates won’t pay for a “Green New Deal,” Democrats will likely have to come up with other ways, including a possible carbon tax, to pay for it.
New York Democratic Rep. Alexandria Ocasio-Cortez, a self-identified Democratic socialist, claimed the U.S. can implement her environmental agenda if the government taxes the very wealthy by as much as 70 percent.
For every American, Christmas came early this year. President Donald Trump gave everyone a gift they did not ever expect; but far too few appreciate it. He gifted our nation with the most aggressive tax cut in decades.