PASSED
in the State House of Representatives
on March 27, 2015, by a vote of 76-67
. Purpose: This bill is the principle revenue raising vehicle to fund the FY2016 budget. .
Analysis:Those voting YES on this bill approved a tax increase on Vermonters of $33.2 million, raised primarily from capping itemized deductions on the state income tax at $15,000 for individuals and $31,000 for couples, and disallowing deductions for state and local taxes from the previous year. .
Some of those voting NO argue that Vermont has “a spending problem, not a revenue problem,” and that taxes are already too high in Vermont. Others voting NO believed H.489 did not raise enough revenue. (See H.489, O’Sullivan Amendment Roll Call to cross reference.) .
The Vermont non-profit community objected strongly to the cap on tax deductions for charitable giving, stating, “experience in other states show that this will cost Vermont nonprofits millions in charitable giving,” citing research from Michigan showing steep declines in donations to food banks, homeless shelters and community foundations after passing similar legislation in 2011. (Commongoodvt.org) .
As Recorded in the House Journal, Thursday, March 26, 2015:“Shall the bill be read a third time? was decided in the affirmative. Yeas, 76. Nays, 67.” (Read the Journal, p.648 – 655.) .
Are here numbers for Vermont residents who have declared other States as their primary residence over the last four years and collectively what income they made that we are losing?
As native Vermonters, we left and took all our income and savings. At first it was a hard decision, but then when we did real calculations on taxes, taxes, more taxes and more fees, the decision was easy. We sold everything and left. We felt a real sense of freedom and relief about the time we got to the Virginia state line. The monkey on our backs, called Vermont, was now just a memory. Guess the dog that keeps pulling at his chain and is suddenly free. . . .what a feeling!
The Ethan Allen Institute is Vermont’s free-market public policy research and education organization. Founded in 1993, we are one of fifty-plus similar but independent state-level, public policy organizations around the country which exchange ideas and information through the State Policy Network. Read more...
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{ 3 comments… read them below or add one }
Thank you EAI for letting Vermonters know who voted to increase their taxes. Next up let’s find out who votes to increase spending also!
Are here numbers for Vermont residents who have declared other States as their primary residence over the last four years and collectively what income they made that we are losing?
As native Vermonters, we left and took all our income and savings. At first it was a hard decision, but then when we did real calculations on taxes, taxes, more taxes and more fees, the decision was easy. We sold everything and left. We felt a real sense of freedom and relief about the time we got to the Virginia state line. The monkey on our backs, called Vermont, was now just a memory. Guess the dog that keeps pulling at his chain and is suddenly free. . . .what a feeling!