Education budgets also generally are approved routinely. This is the year that this habit absolutely must change. Vermont’s economy is in dire straits. The local education budgets must be scrutinized and challenged before they are approved.
Business tax revenues were much higher than predicted, indicating the businesses which pay it are doing well. Revenues from business profits and enterprise taxes could produce between $768.4 million, a $17.7 million deficit, to $792.2 million, a $6.1 million surplus.
New Jersey ranked the worst, having the highest taxpayer burden of $57,900 per taxpayer, meaning each taxpayer would need to pay $57,900 to pay New Jersey’s debt. Rounding out the bottom 10 were Delaware, Kentucky, California, Vermont and New York.
As of late August, the deficit for the year has surpassed the $4 trillion mark and the national debt is nearing an astounding $27 trillion. In other words, that’s $200,000 for each and every household across America.
We need to quit robbing Peter to pay Paul, because I think we can all see the writing on the wall. We’re looking at higher taxes to refill these gaps.
Vermont, facing a $250 million shortfall in General Fund revenues for the fiscal year that starts a month from now, will have to rethink what it is and what it does. To undertake that task intelligently we must bravely launch a thorough-going performance review.
The Vermont-NEA members have been hurt less financially than any other large group of employees so far. Let them not claim abuse if they are asked to give a little. After all, it is for the good of the kids.
The Scott administration wants all state agency and department heads to consider an 8% budget cut to eliminate the state’s looming 2021 $400 million budget deficit, Administration Secretary Suzanne Young confirmed at a press conference today.
Can the Vermont Legislature cut its way out of a looming $400 million budget deficit in next year’s budget? Senate President Pro Tem Tim Ashe thinks not.
April is the first full month of revenue collections since a state of emergency was declared by Gov. Scott, and the subsequent mitigation “Stay Home Stay Safe” order was issued on March 24. April revenues collected were predictably and dramatically under the consensus forecast for the month.
During the first month of the pandemic, Congress scrambled to pass multiple aid packages aimed at helping states and individuals prepare for and respond to the crisis. But whether that will be enough to meet Vermonters’ needs is anyone’s guess.