By Steve Cairns
I have been following the VT Legislature and specifically the Ways & Means and Finance Committees for the last 25 years. I can confidently state that they have lost their collective minds.
The progressive/socialists in the legislature have just introduced H.510, an insanely expensive VT Child Tax Credit to grant $1,200 per child to parents making up to $400,000 and to adopt the incredibly complex federal advance payment scheme which has yet to experience it’s first tax season.
The VT Tax code is being bastardized to include non-taxable welfare payments to taxpayers with children. who make 4 times what many retirees make. This is a cruel hoax to those retired Vermonters that the legislature has expressed so much concern about for decades. At the federal level, a married couple with $100,000 of income ($60K taxable pension, $40K SS) in 2020 paid $7600 in federal income tax, which happens to be the same amount that a couple with 4 children under 18 receives in tax free income. Now VT wants to still tax residents with social security income and give that money to the other residents who did not earn it.
This is a travesty. Certain VT Taxpayers are being deliberately screwed by the legislature. They have done it in the past and are continuing to pick losers in the VT tax code.
The author is a Stowe resident and operator of Advisor Tax Services.