497 results found for "tax flight"

House Ways & Means Committee Testimony—March 26, 2025

…for education taxes are unfair now: 1. The richest Vermonters pay a smaller share of their income in school taxes than low and middle-income Vermonters; 2. Income sensitivity has gotten…

Rainy days are beginning; Vermont should prepare for federal cuts

…cut extensions that overwhelmingly benefit the wealthiest. In Vermont, the top 20 percent of taxpayers reap 69 percent of all proposed tax cuts. These cuts are expected to save the…

Leslie Black-Plumeau Joins Public Assets’ Board

…Public Assets is Vermont’s independent research organization on state budget, tax, and economic issues and the source for timely and in-depth state fiscal and policy analysis. Leslie’s work at VHFA…

What Congressional budget reconciliation means for Vermont

…committee can draft language to provide grants to construct affordable housing. But it cannot include housing tax credits because taxes are the ambit of the finance committee. And no part…

Annual migration of people to and from Vermont, 1993-2022

Recently released IRS data from tax filings in 2022 provide new information about people moving in and out of Vermont. For the third year in a row, the state continued to see more filers enter than leave. Two of these years of growth occurred during the COVID pandemic—2021 and 2022. 

Migration: Millennials and the wealthy moved in. Most Vermonters stay put

publications-specs-width-narrow Recently released IRS data from tax filings in 2022 provide new information about people moving in and out of Vermont. For the third year in a row, the state…

House Ways & Means Committee Testimony—January 29, 2025

…of their income in school taxes than the highest-income Vermonters; and many moderate- and middle-income Vermonters face tax “cliffs” that cause big tax jumps from one year to the next…

Childhood poverty, three-year average, 2021-2023

When government aid is accounted for, childhood poverty drops. The Supplemental Poverty Measure accounts for noncash aid; the Official Poverty Rate does not. That decline holds true across the New England states and the U.S. as a whole. In Vermont, childhood poverty was a third lower from 2021 through 2023 when government benefits were counted. State-level refundable tax credits, particularly the Child Tax Credit enacted in 2022, helped lift 3,000 Vermont kids out of poverty during this period.

Vermont EITC by income, select filing status, and number of children, 2024

The Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) provide cash to families, reducing poverty and providing flexibility to meet their differing needs. The state EITC is 38 percent of the federal credit. In 2021 Covid relief increased the federal EITC for filers without children and expanded eligibility, leading to an increase in uptake at the state level too. In 2022, the Vermont Legislature enacted a Child Tax Credit for families with young children. In its second year, the CTC provided $24 million to 20,000 Vermont families, while 32,500 households claimed $26 million from the state EITC. 

Vermont Child Tax Credit, per child under 6, by family income, 2024

The Child Tax Credit (CTC) provides cash to families with children under six, reducing poverty and providing flexibility to meet their differing needs. In 2022, the Vermont Legislature enacted a Child Tax Credit for families with young children. In its second year, the CTC provided $24 million to 20,000 Vermont families.

Maximum EITC for Vermonters, by family type, 2024

The Earned Income Tax Credit (EITC) provides cash to families, reducing poverty and providing flexibility to meet their differing needs. The state EITC is 38 percent of the federal credit. In 2024, 32,500 households claimed $26 million from the state EITC. 

State of Working Vermont 2024

…tax credits are used to reduce personal income taxes; if the credit is more than the taxes due, the taxpayer receives the difference as a tax refund. Vermont’s Earned Income…