New York Times: Vermont Becomes Latest State to Propose Wealth Taxes
media mentionLawmakers in Vermont are introducing legislation this week that would impose new taxes on the state’s wealthiest residents, joining a growing national campaign being pushed by Democrats who believe that the measures will gain traction as states reckon with post-pandemic budget squeezes…
The vast majority of state and local tax systems taken as a whole, including property, sales and excise taxes as well as income tax, are regressive, and the poorest 20 percent of taxpayers pay effective tax rates that are nearly 60 percent higher than those paid by the top 1 percent of households, according to new research from the Institute on Taxation and Economic Policy, a nonpartisan research organization that equates fairness with a progressive tax system.