(C) Common Dreams
This story was originally published by Common Dreams and is unaltered.
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Vermont Becomes Latest State to Propose Wealth Taxes [1]
['David W. Chen']
Date: 2024-01-23
Lawmakers in Vermont are introducing legislation this week that would impose new taxes on the state’s wealthiest residents, joining a growing national campaign being pushed by Democrats who believe that the measures will gain traction as states reckon with post-pandemic budget squeezes.
One proposal in Vermont would tax people with more than $10 million in net worth on their capital gains, even if the gains have not yet been realized. Another would add a 3 percent marginal tax on individual incomes exceeding $500,000 a year — a measure that supporters contend could pump $98 million, or almost 5 percent of the annual budget, into the state’s coffers.
To underscore the bills’ importance to the Democratic leaders who control the legislature, both are being sponsored by State Representative Emilie Kornheiser of Brattleboro, who chairs the Ways and Means Committee.
“The way our tax structure is set up, our middle class is carrying an undue burden, compared to folks at the top,” said Ms. Kornheiser, whose committee reviewed the legislation at a hearing on Tuesday. “We want to make sure that all Vermonters are paying their fair share.”
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[1] Url:
https://www.nytimes.com/2024/01/23/us/wealth-tax-vermont-legislature.html
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