497 results found for "tax flight"

Migration to and from Vermont, by age group, 2020 and 2021

About a decade ago, the IRS also began tracking migration by the age and income of the primary tax filer. For 2021, Vermont saw a net increase in all age brackets except filers under age 26. (Again, the IRS reports only the primary filer’s age, not the ages of everyone who migrated in and out.) In 2021 Vermont also netted an increase in the number of tax filers in all but the lowest income bracket (less than $10,000 a year). The biggest gains occurred in the highest tax brackets, as has been true over the last decade.

But the age and income information is separate from information about which states people move to or from. So we can know either the age and income of filers or the states they left, but not both at the same time. For example, we know that 1,100 filers with incomes of $200,000 or more moved to Vermont in 2021, but we don’t know where they came from. And we can’t tell where the 35-44-year-olds went after leaving Vermont.

How the common level of appraisal (CLA) works

The CLA is misunderstood to begin with. It affects school tax rates at the town level, but not school tax bills. The CLA is part of the process to ensure fairness in the property tax system. For taxes to be fair, property needs to be evaluated against a uniform standard—a “common level of appraisal.” Townwide reappraisals of individual property are expensive, so they are done periodically. But each year the state determines the aggregate fair market value of each town. Based on those values, the Legislature determines the tax rates—known as “equalized tax rates”—that will generate the revenue needed to help fund public education.

Katrina Menard joins Public Assets as State Policy Fellow

…economic justice through research, fiscal analysis, and public engagement and empowerment. It focuses on education funding, family economic security, and making state tax and budget decisions transparent, inclusive, and responsive…

Education funding: Diagnosis before treatment

2024-07-24 Whatever Montpelier did this year about education taxes was going to be a can-kicking exercise. By overriding the governor’s veto of the so-called “yield bill,” which sets tax rates…

SWVT23 – tax progressivity

Progressive tax systems impose higher rates on those with more income and lower rates on those with less income. Regressive systems tax the poor more heavily than the rich. Vermont has adopted various mechanisms to make its systems more progressive: an income tax with higher rates on higher income; sales tax exemptions on necessities that take a bigger bite of smaller earnings, such as food and medicine; and school taxes based not on property value but on income, which better conforms with ability to pay.

SWVT23 – Refundable tax credits B

Refundable 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 Tax Credit (EITC), which supplements the federal EITC and is available to low- and moderate- income working families and individuals, is a refundable credit. The Vermont Child Tax Credit (CTC), which can be claimed for each child under 6, was adopted in 2022 and is also refundable.

SWVT23 – Refundable tax credits

Refundable 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 Tax Credit (EITC), which supplements the federal EITC and is available to low- and moderate- income working families and individuals, is a refundable credit. The Vermont Child Tax Credit (CTC), which can be claimed for each child under 6, was adopted in 2022 and is also refundable.

SWVT23 – Supplemental poverty measure B

The Supplemental Poverty Measure (SPM) was introduced in 2009 as a more comprehensive and accurate measure of poverty. Unlike the official poverty measure, which counts only cash income and the cost of food, the SPM includes cash income and noncash benefits such as tax credits, food assistance, and childcare and health care subsidies. It also has a broader definition of the cost of living, which includes food, clothing, shelter, utilities, and medical expenses.

SWVT23 – Supplemental poverty measure

The Supplemental Poverty Measure (SPM) was introduced in 2009 as a more comprehensive and accurate measure of poverty. Unlike the official poverty measure, which counts only cash income and the cost of food, the SPM includes cash income and noncash benefits such as tax credits, food assistance, and childcare and health care subsidies. It also has a broader definition of the cost of living, which includes food, clothing, shelter, utilities, and medical expenses.

The new and “improved” CLA

…all of the CLAs and change equalized tax rates, but leave town tax rates unchanged. In the end, tax bills won’t change with the redefinition of the CLA. The only…

Taking a beat on education funding reform

…they were facing a tax increase for the same spending or a tax decrease—would do. They could choose to split the difference. Those with more weighted pupils could get more…

Julie Lowell to Senate Finance on anti-poverty tax credits

A presentation by Julie Lowell to the Senate Finance Committee on Anti-poverty Tax Credits, April 17, 2024…