According to estimates from the Institute on Taxation and Economic Policy (ITEP), the proposal would fall almost exclusively on the state’s richest 1 percent of households, or those with average incomes of about $1.8 million a year.[2] The remainder of the state’s residents — who to be clear, already themselves contribute significant shares of revenue through existing taxes on income, sales, and property[3] — would see no change.
February 6, 2024
Center on Budget and Policy Priorities: Vermont Can Invest in Brighter Future With Targeted Income Tax Measure
Institute on Taxation
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