The state Senate voted 14-10 to approve a plan to cut the state’s business profits tax from 7.6% to 7.5% for most businesses beginning in 2023. The vote went along party lines with the measure opposed by the Senate’s Democratic minority.
The governor during his weekly press conference Tuesday warned that the state continues to face concerning population trends that will only worsen the tax burden.
Taxpayers in states controlled by Republicans see a better return on their investment in terms of how the government spends their tax dollars, a report published by the personal finance website, Wallethub, found. Nine of the top ten states for taxpayer ROI are Republican controlled.
States that spend and tax less tend to have a better economic outlook than states with more spending and higher taxes, according to the newest Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index.
The last weekend for Americans to file their taxes before the Monday deadline is here, but the Internal Revenue Service still faces major backlogs for individual and business filings.
While taking questions from reporters during his weekly press conference on Tuesday, Gov. Phil Scott suggested that an abundance of federal funds in Vermont means “we’re not going to increase taxes now.”
President Joe Biden’s recently unveiled budget includes massive tax hikes, untrammeled government spending and “leftist” agendas, raising serious red flags.
President Joe Biden’s fiscal year 2023 budget includes provisions that would expand federal subsidies to university students, a move that may encourage colleges to hike tuition fees.
President Biden has released a budget proposal that includes 36 tax increases on families and businesses totaling $2.5 trillion over the next decade. Alarmingly, this includes 11 tax increases on the oil and gas industry.
Cities and towns could cap school spending to prevent local property tax hikes under a proposal being advanced by New Hampshire lawmakers.
Democrats who were unwilling to give so much money back to Vermonters completely removed the tax relief for nurses and veterans, drastically cut the caps for relief on social security, and put everything into child tax credits in bill H.510.
Arguments can be made for reducing the tax burden on some families with children, but this joint statement gets an A for partisan self-congratulation, and an F for telling voters and taxpayers the whole truth.