This letter is by Steve Cairns, owner of Advisor Tax Services. He lives in Stowe.
I have been following the Vermont Legislature and specifically the Ways & Means and Finance committees for the last 25 years. I can confidently state that they have lost their collective minds.
The progressive/socialists in the Legislature have just introduced H.510, an insanely expensive Vermont Child Tax Credit to grant $1,200 per child to parents making up to $400,000, and to adopt the incredibly complex federal advance payment scheme which has yet to experience its first tax season.
The Vermont tax code is being bastardized to include non-taxable welfare payments to taxpayers with children who make four times what many retirees make. This is a cruel hoax to those retired Vermonters that the Legislature has expressed so much concern about for decades. At the federal level, a married couple with $100,000 of income ($60K taxable pension, $40K SS) in 2020 paid $7,600 in federal income tax, which happens to be the same amount that a couple with four children under 18 receives in tax free income. Now Vermont wants to still tax residents with Social Security income and give that money to the other residents who did not earn it.
This is a travesty. Certain Vermont taxpayers are being deliberately screwed by the Legislature. They have done it in the past and are continuing to pick losers in the Vermont tax code.
2 thoughts on “Letter: New bill would establish Vermont child tax credit for parents earning up to $400K”
“BUILD BACK BETTER” WOULD COST $4.490 TRILLION OVER THE NEXT DECADE, IF PROVISIONS WERE MADE TO LAST 10 YEARS
BBB Bill is a Trojan Horse
The BBB bill consists of two parts:
1) A huge social program bill
2) An energy/environment/SALT bill
The total cost of the social programs would be $3.477 trillion, or 3477/4490 = 77.5% of $4.490 trillion
The social programs would be 3,477/889 = 3.9 times more expensive, if budgeted for 10 years.
US debt adder would be 160 + 73, interest = $233 billion, with “gimmick” expirations to understate costs.
US debt adder would be 2,748 + 266, interest = $3.014 trillion, with 10-y expiration dates
Child Tax Credit (CTC)
A CTC was enacted as part of COVID relief. It was meant to be temporary, from Jul. 2020 to Dec. 2020
During that time, the US treasure sent more than $80 billion, in direct deposits, to every household with children, $300/child/mo.
Household with incomes up to $150,000 qualified for the full $300/child; if greater household income, the CTC would decrease to as low as $166/child/mo.
CBO estimated extending CTC for 2022 at $185 billion, and $1,597 billion for 10 years
CBO estimated Expanded Child Care and Pre-school at $752 billion for 10 years. See table 4
Sanders has been advocating both programs for decades, because that was done in the more Socialist countries of Europe. He does not mention, rich Europe spends about 1% of GDP on defense, whereas the US spends about 4.5%, about $780 billion/y, plus $50 billion/y for intelligence.
Democrats Ignoring Precarious Financial Condition of Medicare
“The Medicare Trustees Report estimated that Medicare’s hospital insurance trust fund will be insolvent in 2026. At that point, the fund will have to rely on incoming revenues, essentially operating on a cash-flow basis—and there won’t be enough cash.”
You can’t subvert Western Civilization without indoctrination. They want you cradle to grave, fall in line comrade, be a good marxist and get back to you state sponsored job, renting from state housing.
Our first lesson in class today, “You will own nothing and be happy!” ( and poor your entire life! )
“We’ll have no discussions of gratefulness, forgiveness, love, I am your God now.” the State of Vermont
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