Vermont is ranked next-to-last in a new report that ranks states by economic competitiveness outlook for 2023.
By Brent Addleman | The Center Square
The American Legislative Exchange Council’s new report, Rich States, Poor States, has the Green Mountain State ranking 49th in a cumulative review of 15 state policy variables. The factors are directly tied to legislative policy set forth by state governments.
The rankings, released Thursday, illustrate the productive activities, such as working or investing, showing growth rates in states that tax and spend more.
Vermont ranked 49th in the report, the lowest of the New England states. New Hampshire came in 19th, Massachusetts 37th, Rhode Island 40th and Maine 44th.
The rankings, formulated through the Economic Performance Ranking, a backward-looking measure based on State Gross Domestic Product, Absolute Domestic Migration, and Non-Farm Payrolls, show how states have performed from 2011 to 2021.
For State Performance Rankings, Vermont came in 41st, with a State Domestic Product rank of 43, Absolute Domestic Migration coming in at a level of 23, and Non-Farm Payrolls rank set at 47.
The Green Mountain State did rank 41st overall for Economic Performance, calculated on a scale of 1 to 50. Vermont’s State Gross Domestic Product from 2011-2021 was 30.56%, which gave the state a 43rd overall ranking. Meanwhile, the state’s Absolute Domestic Migration was a negative 6,152 over that timeframe for a 23rd ranking. The Non-Farm Payroll was negative 2.333%, giving the state a rank of 47.
The report showed Vermont scored 49 for the Economic Outlook Rank, which considers the top marginal personal income tax rate of 8.75%, ranked 42nd; maximum marginal corporate income tax at 8.5% for 40th; and personal income tax progressivity at $28.35, which ranked 48th.
Vermont’s $49.46 per $1,000 of personal income gave the state a 49th ranking in the report, while the sales tax burden of $12.06 ranked the state sixth overall. The state ranked 47th in the remaining tax burden of $25.69 per $1,000 of personal income and was ranked dead last in estate and inheritance tax.
The state ranked second in debt service at $2.65% per $1,000 of personal income; 42nd in public employees per 10,000 people at a rate of 576.3. The state liability system survey ranked Vermont 11th at 71.7; and 39th in state minimum wage, which was $13.18 per hour.
Many say you have to hit rock bottom before you understand the problems you have. On the positive VT is just about there. On the negative these people in the legislature are so delusional they’re blinded by their ideology and can’t see what’s happening in front of their eyes.
And yet for this, they all want raises.
http://www.truenorthreports.com/senate-oks-big-legislative-pay-benefit-hike
Hey, on the bright side we got first place for pimpin’ the NWO!
VERMONTERS, here’s your sign, Montpelier is Marxist.
A further indictment of the failed “policies” of the liberal progressive body in Montpelier which pretends to represent Vermonters.
Dear Bernie, Peter, and Becca,
Woohoo!
But we’re sure you’ll find some way to blame Trump.
Correct me if I’m wrong but I believe this bunch of congressional reps is the first time Vermont has elected a slate of carpetbaggers.
The leftist commies are so good at destroying Vt’s economy and affordability they went and gave themselves a raise… it probably won’t even be a year until we are the worst of the worst place to live. Thanks stupid sheep voters for nothing but pain at great expense for those of us that can clearly see thru the lies of the left.
And our elected officials won’t stop until Vermont ranks last and has the highest tax burden in the country.
Thorough report and VT ranks 49th? I don’t think it will be long until the Credit Rating agencies get wind. The State has a couple billion $ in borrowings, and if the rating agencies see this junk going on, they likely lower VT’s rating. That will increase the cost of borrowing in VT, at exactly the SAME time interest rates skyrocketed from around 0% to almost 4%. The bonds in the invested pension assets got killed, on paper. BUT WORSE! VT has always been VERY dependent on dividends and CAPITAL GAINS from the well off & trust funders. Vermont counts on CAPITAL GAINS revenue from the 20% of upper incomes. They take all the RISK then VT takes a big cut, with zero risk. But for 2022 the S&P 500 was DOWN 20%. So in a few days the deadline for tax filing. IMO, the legislators will get a wake up call that VT got hurt by missing capital gains taxes, which the Dems always budget to be there (FREE MONEY), so spend spend spend.. I figure around early June you will see news that revenues were below wished, 2022 (but saved by covid $) because the capital gains were not coming in to be taxed!
Vermont should easily slip to 50th, at the conclusion of this legislative session.
Currently only New York ranks lower, but it gives the legislature a goal to work toward.
Perhaps our elitist legislators will congratulate themselves on this spectacular achievement-
with a Bud Light.
Shows you how good our current communist officials are.