Group of Vermont House members links tax hike proposal to jobsBy Nancy Remsen
Published February 14th 2012 in VT Buzz - Free Press Blog
Pearson noted that “Those at the top of the income spectrum have seen their income grow 60, 70 and 80 percent and higher between 2003 and 2010.”
A small group of House members went on record late last week as supporters of a targeted tax increase on Vermonters whose income puts them in the top two tax brackets.
Rep. Christopher Pearson, P-Burlington, thanked the other sponsors for standing with him to offer the proposal. “These days it requires a good deal of courage to talk about increasing revenue.”
The group wants to spend the extra money on helping Vermonters tighten their homes and reduce their fuel bills while also creating nearly 300 jobs.
Pearson said the bill the group proposes would raise $17 million by taxing those with incomes using only the top rates. Taxpayers whose total income fall into the second highest bracket would see the first $209,250 of their income taxed at the third bracket rate of 7.8 percent, with the remaining income taxed at the fourth bracket rate of 8.8 percent. Pearson said this change would affect 3,926 tax filers with an average increase of $2,800 for taxpayers in the fourth tier and $4,750 for those in the highest tax bracket.
Pearson noted that “Those at the top of the income spectrum have seen their income grow 60, 70 and 80 percent and higher between 2003 and 2010.”
The group held a news conference to highlight their idea now while the budget is still under development in the House. The bill is in the House Ways and Means committee. “We hope H. 715 will be given a fair hearing and support from our colleagues,” Pearson said.
[Source]
Rep. Christopher Pearson, P-Burlington, thanked the other sponsors for standing with him to offer the proposal. “These days it requires a good deal of courage to talk about increasing revenue.”
The group wants to spend the extra money on helping Vermonters tighten their homes and reduce their fuel bills while also creating nearly 300 jobs.
Pearson said the bill the group proposes would raise $17 million by taxing those with incomes using only the top rates. Taxpayers whose total income fall into the second highest bracket would see the first $209,250 of their income taxed at the third bracket rate of 7.8 percent, with the remaining income taxed at the fourth bracket rate of 8.8 percent. Pearson said this change would affect 3,926 tax filers with an average increase of $2,800 for taxpayers in the fourth tier and $4,750 for those in the highest tax bracket.
Pearson noted that “Those at the top of the income spectrum have seen their income grow 60, 70 and 80 percent and higher between 2003 and 2010.”
The group held a news conference to highlight their idea now while the budget is still under development in the House. The bill is in the House Ways and Means committee. “We hope H. 715 will be given a fair hearing and support from our colleagues,” Pearson said.
[Source]
