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Would affect wealthy individuals with total income over specific thresholds
Republished from April 24 Lake Champlain Chamber advocacy newsletter
This week, the House Ways and Means Committee looked at a new draft that reflects a shift toward more of a restructuring of the state’s income tax system, instead of just a new bracket they discussed last week, as well as the creation of a new “Vermont Investment Proceeds” (VIP) tax.
- Income Tax Overhaul: A new proposal would lower the bottom tax rate from 3.35% to 2.7% and expand the middle bracket.
- New Top Rate: To pay for these cuts, the top marginal rate would climb to 12.7% (down from an earlier proposal of 13.3%, so we can’t say the highest bracket in the nation) for the highest earners.
- The VIP Tax: This new 4% surtax would target investment income, such as capital gains and dividends, for individuals with total income over specific thresholds,
What to do with the Money? The revenue generated, estimated at roughly $100 million annually, seems like an afterthought and is debatable.
- Option A: Use the money for broad tax relief by lowering brackets for most residents.
- Option B: Invest in healthcare affordability, including premium caps for marketplace plans and expanded Medicare assistance.
What’s Next? No final decision has been made. The committee is currently refining how to structure the rates and exactly where to allocate the resulting revenue. This week, the Governor noted his opposition to any tax increases when asked at his weekly press conference.
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Categories: News Analysis
Another tax Taxpelier has a one track mind. What is this tax for. a future pay raise? Sanders lives on in VT–tax the rich motto. Seems this tax will tax the affluent that moved to VT and bought property thinking VT is a nice state. WALLA. They’ll leave VT like what’s happening in CA. Welcome to the club. No need for housing, no one to occupy.. As I’ve said often, give a liberal enough rope and they will hang themselves.
If all they were hanging was “themselves”‘ I’d buy them the rope, but these disingenuous dirt bags want us to brake in the gallows !
If I didn’t know any better, I would say this sounds like the state attempting to steal the money of those who earn it and re-appropriate it to:
1.) Those who don’t.
2.) The legislators behind Marxist ideas like this.
3.) The black hole of virtue-signaling legislation inspired by utopian ideological fantasies which are devoid of common sense and respect for human dignity and liberty.
Sing this to the tune of the song “Sign” by the Five Man Electrical Band .
And the Legislator said,
anyone getting by,
will be taxed to death,
So I sent a letter to my Rep.
and I asked him to explain their debt,
he said you sound like you need another job,
to support yourself, and me,
So I packed my Uhaul up,
and I moved to Tennessee!
Ohhh
Tax, tax,
everything is taxed
emptying my wallet,
breaking my back,
They take my money for this and that,
So I can’t afford to live here !
Okay, I never claimed to be Lennon/McCartney, But I had fun!
This state is like one big vacuum cleaner, sucking in all the money and blowing out hot air for the taxpayer.
To bad I can’t harness their hot air to heat my house !
I don’t think the highlight will show but this is an excerpt from a 1939 law, in it you will see the IRC internal revenue code fully repealed- and in the subsequent section permission for government to continue to publish the forms as if it hadn’t Refering to the attached, look at the highlighted sections below. The first section says that the IRC is repealed and the next highlighted section says the government may continue to publish tax return forms as if it has not. See section 4 and 11 a(e) I have a copy of the full document. Feeling deceived yet ? I will be making an announcement soon, …..
UNITED STATES
STATUTES AT LARGE
CONTAINING THE
LAWS AND CONCURRENT RESOLUTIONS
ENACTED DURING THE FIRST SESSION OF THE
SEVENTY-SIXTH CONGRESS
OF THE UNITED STATES OF AMERICA
1939
AND
TREATIES, INTERNATIONAL AGREEMENTS OTHER
THAN TREATIES, AND PROCLAMATIONS
COMPILED, EDITED, INDEXED, AND PUBLISHED BY AUTHORITY OF LAW
UNDER THE DIRECTION OF THE SECRETARY OF STATE
VOLUME 53
PART 1
INTERNAL REVENUE CODE
APPROVED FEBRUARY 10, 1939
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1939PREFACE
The Internal Revenue Code, approved February 10, 1939, and
published in this volume as Public Act No. 1 of the Seventy-sixth
Congress, is the first Federal act of its kind since the Revised Statutes
of the United States, approved June 22, 1874. Title XXXV of the
Revised Statutes embraces the general and permanent statutes relat-
ing exclusively to internal revenue, in force on December 1, 1873.
The internal revenue title, which comprises all of the Code except
the preliminary sections relating to its enactment, is intended to con-
tain all the United States statutes of a general and permanent nature
relating exclusively to internal revenue, in force on January 2, 1939;
also such of the temporary statutes of that description as relate to
taxes the occasion of which may arise after the enactment of the Code.
These statutes are codified without substantive change and with only
such change of form as is required by arrangement and consolidation.
The title contains no provision, except for effective date, not derived
from a law approved prior to January 3, 1939.CONTENTS
INTERNAL REVENUE CODE: Page
TEXT——————————————————————————– 1
TABLE OF SUBTITLES ——————————————————– 1b
TABLE OF CHAPTERS IN SUBTITLES ———————————— 1d
APPENDIX:
TABLE OF CONTENTS——————————————————— III
PART I. REFERENCE TABLES ———————————————– V
PART II. PROVISIONS OF THE CONSTITUTION RELATING
TO TAXATION —————————————————– LXXXI
PART III. MISCELLANEOUS STATUTORY OR TREATY
PROVISION———————————————————- LXXXIII
PART IV. DIGEST OF OPINIONS CONSTRUING THE RE-
PEAL PROVISIONS OF THE REVISED
STATUTES———————————————————– CXCV
INDEX————————————————————————————- CCIII
vNOTICE
The original of every act and joint resolution printed in this volume has the following heading:
SEVENTY-SIXTH CONGRESS OF THE UNITED STATES OF AMERICA;
AT THE FIRST SESSION
Begun and held at the City of Washington on Tuesday, the third
day of January, one thousand nine hundred and thirty-nine
All bills and joint resolutions presented to the President of the United States bear the
signatures of the Speaker (or of the Speaker pro tempore) of the House of Representatives
and of the Vice President of the United States and President of the Senate (or of the
President of the Senate pro tempore); those signatures accordingly appear on the originals of
all acts and joint resolutions.
The signature of the President of the United States appears on the originals of all
approved acts and joint resolutions.
The original of every act and joint resolution has endorsed thereon a certificate of
origin, signed, as the case may be, by the Clerk of the House of Representatives or by
the Secretary of the Senate and reading “I certify that this Act (or Joint Resolution) orig-
inated in the House of Representatives (or Senate).” The origin of the act contained in
this part of the volume, as indicated by “H. R. 2762” in the headnote on page 1, was in
the House of Representatives.
viINTERNAL REVENUE CODEFEBRUARY 10, 1939
[H. R. 2762]
[PUBLIC, No. 1]
Chapter 2
INTERNAL REVENUE CODE
Intended to Include All General and Permanent Laws of the United States and Parts
of Such Laws, Relating Exclusively to Internal Revenue, in Force on January 2,
1939, and All Internal Revenue Laws Relating to Temporary Internal Revenue
Taxes the Occasion for Which Arises After the Effective Date of the Code
___________________
FIRST SESSION OF THE SEVENTY-SIXTH CONGRESS
OF THE
UNITED STATES OF AMERICA
___________________
AN ACT
To consolidate and codify the internal revenue laws of the United States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the laws of
the United States hereinafter codified and set forth as a part of this
act under the heading “Internal Revenue Title” are hereby enacted
into law.
SEC. 2. CITATION.—This act and the internal revenue title incor-
porated herein shall be known as the Internal Revenue Code and
may be cited as “I. R. C.”.
SEC. 3. EFFECTIVE DATE.—Except as otherwise provided herein,
this act shall take effect on the day following the date of its enact-
ment.
SEC. 4. REPEAL AND SAVINGS PROVISIONS.—(a) The Internal Revenue
Title, as hereinafter set forth, is intended to include all general laws
of the United States and parts of such laws, relating exclusively to
internal revenue, in force on the 2d day of January 1939 (1) of a
permanent nature and (2) of a temporary nature if embraced in
said Internal Revenue Title. In furtherance of that purpose, all
such laws and parts of laws codified herein, to the extent they relate
exclusively to internal revenue, are repealed, effective, except as pro-
vided in section 5, on the day following the date of the enactment of
this act.
(b) Such repeal shall not affect any act done or any right accruing
or accrued, or any suit or proceeding had or commenced in any civil
cause before the said repeal, but all rights and liabilities under said
acts shall continue, and may be enforced in the same manner, as if
said repeal had not been made; nor shall any office, position, employ-
ment, board, or committee, be abolished by such repeal, but the same
shall continue under the pertinent provisions of the Internal Revenue
Title.
(c) All offenses committed, and all penalties or forfeitures incurred
under any statute hereby repealed, may be prosecuted and punished
in the same manner and with the same effect as if this act had not been
passed.
11a CODIFICATION OF INTERNAL REVENUE LAWS
(d) All acts of limitation, whether applicable to civil causes and
proceedings, or to the prosecution of offenses, or for the recovery of
penalties or forfeitures, hereby repealed shall not be affected thereby,
but all suits, proceedings, or prosecutions, whether civil or criminal,
for causes arising, or acts done or committed, prior to said repeal,
may be commenced and prosecuted within the same time as if this
act had not been passed.
(e) The authority vested in the President of the United States, or
in any officer or officers of the Treasury Department, by the law as it
existed immediately prior to the enactment of this act, hereafter to
give publicity to tax returns required under any internal revenue law
in force immediately prior to the enactment of this act or any informa-
tion therein contained, and to furnish copies thereof and to prescribe
the terms and conditions upon which such publicity may be given
or such copies furnished, and to make rules and regulations with re-
spect to such publicity, is hereby preserved. And the provisions of
law authorizing such publicity and prescribing the terms, conditions,
limitations, and restrictions upon such publicity and upon the use
of the information gained through such publicity and the provisions
of law prescribing penalties for unlawful publicity of such returns
and for unlawful use of such information are hereby preserved and
continued in full force and effect.
SEC. 5. CONTINUANCE OF EXISTING LAW.—Any provision of law
in force on the 2d day of January 1939 corresponding to a provision
contained in the Internal Revenue Title shall remain in force until
the corresponding provision under such Title takes effect.