(C) Common Dreams
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Vermont Lawmakers Focus on Wealth Tax, High-Income Surtax Bills [1]
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Date: 2024-01
Vermont’s Democratic-controlled legislature reviewed two tax proposals targeting upper-income residents Tuesday, just hours after Republican Gov. Phil Scott presented a fiscal year 2025 budget that steers the state away from new taxes and fees.
The state House Ways and Means Committee held a hearing that examined tax bills that would raise hundreds of millions of dollars in new revenue from wealthy Vermonters. One bill, H.828, would impose a 3% surcharge on income north of $500,000 beginning in the current tax year. The second, H. 827, would create a first-in-the-nation wealth tax scheme, imposing income tax on the unrealized ...
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[1] Url:
https://news.bloombergtax.com/daily-tax-report-state/vermont-lawmakers-focus-on-wealth-tax-high-income-surtax-bills
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