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Update December 2010
In this issue:
-- Workers' pockets get a bit fuller
-- Lots more pre-K for little more investment
-- Vermont scores high in Quality of Life . . .
-- . . . and nearly flunks in Transparency
-- Tax commission tees up reform
Workers' pockets get a bit fuller
Vermont will increase its minimum wage on Jan. 1, 2011, to $8.15 from $8.06. Legislation passed in 2005 raises the wage based on cost-of-living increases. Because that cost didn't change from 2009 to 2010, neither did the wage. Six other states will also raise their minimum wages in 2011: Arizona, Colorado, Montana, Ohio, Oregon, and Washington.
Lots more pre-K for little more investment
Expansion of pre-kindergarten education in Vermont would be much less expensive than expected. Our recent report finds that increasing the percentage of three- and four-year-olds enrolled in pre-K from the current 37 percent to 65 percent over the next five years would add only 1 percent to current public education costs. In the end, a taxpayer with a $200,000 home would see a $27 increase in annual school taxes, assuming all of the cost were absorbed by the Education Fund.
Vermont scores high in Quality of Life...
In 2010 Vermont's quality of life continued to get high marks. This month Vermont was dubbed the healthiest state for the fourth year in a row, and the greenest. Vermont's stellar high school graduation rate, low rate of uninsured residents, and ready access to prenatal care contributed to the state's excellent health. Earlier this year Vermont was also rated among the states that are best to children (3rd) and best run (4th). It's "not luck or magic," Voices for Vermont's Children stated about the rank in children's well-being. "It is the result of forward-thinking policies and years of investment in programs and services." Public money—taxes—buy these results.
...and nearly flunks in Transparency
Public Assets Institute and Good Jobs First, a Washington-based research nonprofit, have called on state officials to make available more information about what Vermonters are getting for public money spent on business tax credits. The joint statement coincided with the release of Show Us the Subsidies, a report rating the 50 states on the transparency of information about business subsidies. Out of a possible 100 points, Vermont received 39—and a D+.
Tax commission tees up reform
Vermont's Blue Ribbon Tax Structure Commission, formed by the Legislature in 2009, will issue its report and recommendations at its meeting on Jan. 13, 2011. Reform of the tax code is long overdue. The Commission is expected to recommend changes that will reduce Vermont's sales and income tax rates and broaden the tax base by reducing tax breaks and expanding the sales tax to consumer services. This would bring the system's revenue-generating capacity more in line with the state's overall economic growth. Public Assets will be evaluating the Commission's recommendations once the report is out.
Public Assets Institute is funded by grants and donations. Please consider making a tax-deductible contribution to support our work.
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Fact: Adjusted for inflation, median household income in Vermont was less in 2009 than it was in 1999.
Data source: Economic Policy Institute
town2town
bringing fiscal data home
Family Median Adjusted Gross Income
The Vermont Tax Department calculates median income from all the returns filed from a town, half of the incomes are above median, half below. It also calculates a median family income for each town based just on the returns filed by married couples, civil union couples, and single parents with children. Family income does not include the returns filed by single taxpayers with no dependents.
The map shows the Vermont Tax Department's calculation of median family income for each town for 2008.
Calendar
2011 Legislative Session Opens
January 5, 2011
Statehouse, Montpelier
Blue Ribbon Tax Commission
Report and recommendations
January 13, 2011
Check the website for location
and more information.
Governor's Budget Address
January 25, 2011
Statehouse, Montpelier
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