A JFO report outlines funding sources including a new sales taxes on “pre-written software accessed remotely,” sugar taxes on candy or beverages, and an expansion of existing sales taxes. The magnitude of the economic burden posed by this program is displayed by the size of new taxes being considered.
Every Vermont consumer and every Vermont business must live in a state of constant awareness that at any time, for any reason, Democrats will at least consider applying any old idea that had died in a previous legislative session to solve a new or unique problem from today.
Sen. Dick McCormack, D-Windsor, suggested that the committee consider scrapping the whole thing and simply enacting a carbon tax on fossil heating fuels and use the money to fund programs that reduce greenhouse gas emissions.
Before voters on Town Meeting Day say “yes” or “no” to proposed local and education taxes for the coming year, the numbers they see on the agenda go through a labyrinth.
At the end of the fifth week of the legislative session, the Senate Natural Resources & Energy Committee currently working on the Clean Heat Standard bill, S.5, decided to hear testimony from Vermont fuel dealers — the businesses that will be most negatively impacted by the law.
Keep in mind that of Vermont’s roughly $8 billion annual budget, roughly $6 billion is paid for with federal dollars, and of that $6 billion about half is “one-time” emergency funds. Vermont taxpayers are only required so far to pony up a little more than $2 billion of all that spending — and that is tapping us out.
The price increase will eventually be charged to consumers, and anybody offering milk for less will be hammered with “administrative penalties.” This is nothing less than a price control takeover of the Vermont dairy industry.
An increase in Vermont’s tax rate is on the horizon for the state’s upcoming fiscal year. The question early in this legislative session is by how much.
New Hampshire has the highest rate of illegal cigarette smuggling in the nation, according to a new report by a tax watchdog. The Granite State currently charges $1.78 in cigarette excise taxes per pack, compared to $3.51 in neighboring Massachusetts and $3.08 in Vermont.
As those taxpayers retire or plan for retirement, the Internal Revenue Service is reminding them about required mandatory withdrawals from retirement accounts. Failure to withdraw funds or not taking the minimum required amount could result in a 50% excise tax on the amount distributed, according to the IRS.
Massachusetts Question 1 passed, increasing the personal income tax by 4% for those earning more than $1 million in the state. The amendment will be in addition to the already existing 5% flat income tax, shifting the state’s flat tax system to a progressive one.
Permanent Maine residents 65 or older who have owned a home for at least 10 years may apply through their towns to have their property taxes frozen at their current level. One wonders what the fiscal impact to Vermonters of such a policy would be.