We don’t have to guess anymore about the effects of the tax cuts. After actually filing their taxes with the IRS, Americans saw their average effective tax rates decline by 13% (or about 1.5 percentage points). Despite claims to the contrary, every income group benefited from the tax cut.
The percentage of Vermonters in their prime working years of ages 25-64 will drop below 50 percent by 2030, a new demographic study says. As Vermont gets older and grayer, there will be employment and state revenue consequences.
In the classic Italian dessert, tiramisu is comprised of rich layers of ladyfingers, espresso and mascarpone blended with eggs and sugar. In the modern government concoction of tax tiramisu, the layers of siphoned taxpayer funds do not appear distasteful until the whole stack is examined.
The past practices of the Democrat-Progressives who have been in charge of state government for a while now managed to give us a $4.5 billion deficit in the state retirement fund and a $70 million deficit in the current operating budget.
According to a report by the Vermont Agency of Administration, personal income tax revenue continues to come in at a higher rate than anticipated, and that’s been an ongoing trend since the 2018 GOP tax cuts.
T.J. Donovan believes that even if you take a photo of a public record with your own cell phone, you’re breaking the law — unless you fork over some money to the state coffers.
If the U.S. adopted a European-style tax system to fund federal entitlement programs, single U.S. workers making $40,000 would see a $6,000 increase in income tax, according to a Heritage Foundation report.
A new Tax Foundation study ranks New Hampshire sixth in its 2020 State Business Tax Climate Index. Neighboring states did not fare so well in the study, which ranked Maine at 33rd, Massachusetts 36th, Vermont 44th and Connecticut 47th.
By almost every measure, the U.S. has one of the most progressive systems of taxation in the world, in which high-income people pay the highest tax rates. Everyone agrees on this basic fact, except the New York Times.
If the multi-state, regional Transportation & Climate Initiative takes effect, and if Vermonters pay the 36 cents per gallon that Californians will pay under their similar “cap and trade” program, Vermont drivers could pay an extra $137 million per year.
California has the highest gas taxes in the nation at an average of 57.8 cents a gallon — more than one-eighth of the total price of the gas. The tax was raised most recently by 5.6 cents per gallon July 1. California imposed a 12 cents-a-gallon tax increase in 2017.