A Vermont We Can Afford!
Working Vermonters are struggling to pay for basic needs, especially healthcare and good public schools. Meanwhile, the wealthiest Vermonters are getting richer as they reap the windfall from Trump’s tax cuts. This state of affairs cannot continue.
The wealthiest Vermont residents must pay their fair share of taxes so that working Vermonters can continue to afford to live in this state – and not just live but truly prosper.
The PROSPER Act
The PROSPER Act (H.794) would raise taxes on the richest 5% of Vermonters to fund universal healthcare for all Vermonters and public-school construction and renovation.
Specifically, H.794 would:
- Impose a 2% income tax surcharge on individuals making $250,000 or more per year and an additional 6% surcharge on individuals making $500,000 or more per year.
- Impose a Wealth Transfer Tax of 4% on the net investment incomes of high-earning individuals, estates and trusts.
- Create additional property tax brackets and raise taxes on second homes.
- Generate an estimated $400 million per year in new revenue to fund the implementation of Act 48 – finally realizing universal healthcare for all Vermonters.
- Generate millions of dollars for school construction aid to address Vermont’s aging public school infrastructure.
Why Tax the Rich?
The wealthiest Vermonters are getting richer as they reap the windfall from Trump’s tax cuts.
As a result of the extension of those tax cuts, the richest 1% of Vermonters are expected to save over $200 million in federal taxes, while the top 5% are expected to save over $440 million.
The richest 10% of Vermonters now hold nearly half of Vermont’s total income – the highest level of income inequality in the state since the Gilded Age. The richest 5% of Vermont households have average incomes 9.6 times as large at the bottom 20% of households and 3.7 times as large as the middle 20% of households.
We advocate taxing the rich so working Vermonters can afford to live.
Other Tax the Rich Bills
S.282 (Vyhovsky) – Senate companion of H.794 imposes an income tax surcharge on individual income over $250,000, a 4% wealth proceeds tax on the investment income of high earners, and an additional property tax on second homes.
H.621 (Waszazak) – Creates two new personal income tax brackets for incomes over $500K and $1 million.
H.619 (Waszazak) – Imposes a 3% income tax surcharge on individual income over $1 million.
H.77 (McCann, et al.) – Creates a new marginal income bracket for incomes over $1.2 million and deposits a portion of the revenue in the Education and Transportation funds.
Take Action!
Coalition Partners
