With the enactment of the Democratic budget over Gov. Phil Scott’s veto, Vermont may soon be another disappointing example.
It considers whether taxes on unrealized gains are legal under the 16th Amendment, which enables Congress to tax incomes “without apportionment among the several States.”
While Republicans, led by Rep. Lisa Hango and others, were working to make life easier for our veterans, the Democrat’s supermajority thought a better idea would be to make life easier for themselves.
Republican Gov. Phil Scott used the opening remarks at his weekly presser to remind Vermonters of his policies focused on affordability and economic growth, and to warn of a coming showdown with state lawmakers over the budget.
Democrats and Progressives are just asking you to, as always, “pay just a little bit more.” When you divide all that up amongst 325,000 Vermont taxpayers, just these big ticket items come out to about $700 per person in new taxes.
Democrats spent a $100 million surplus, are spending another $22 million in DMV fees that the DMV never asked for, will be adding a new $130 million child care program that will add a first-ever payroll tax to the paycheck of every worker in Vermont, and plan to add another 70 cents to $4 per gallon to our fuel bills.
Several publications, including the Wall Street Journal, analyzed the spreadsheets and came to the same conclusions: high tax, heavily regulated blue states are losing people and tax revenue to low-tax, free-enterprise oriented red states.
The Republican governor said on Tuesday that if Vermont doesn’t become more affordable to grow its economy, the state will continue to hemorrhage residents to more affordable states. And, in turn, Vermont won’t be able to attract the workers it desperately needs for its workforce.
If you just paid your Vermont state taxes and thought wow that was brutal, you’re not wrong. According to the Tax Foundation, in 2022 Vermont already had the 4th highest state and local tax burden in the country at 13.6 percent. But, oh, wait till next year!
The states with the highest effective property tax rates were New Jersey (1.79%), Illinois (1.78%), Connecticut (1.57%), Vermont (1.43%) and Nebraska (1.36 %). Rounding out the top 10 were Pennsylvania (1.29%), New Hampshire (1.28%), Ohio (1.27%), New York (1.26%) and Iowa (1.25%).
Parents stands to lose a great deal this year. The worst offense which will impact the greatest number of people is the proposal to eliminate the Child Tax Credit. Democrats are looking at eliminating this benefit.
In the survey, New Hampshire ranked first in the country for taxpayer return on investment; third in total taxes paid per capita; and fourth in overall government services.