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Vermont Ways & Means Committee weighs military retirement and Social Security tax changes
Summary
Committee reviewed multiple options to target $13.5 million in budgeted tax cuts, including means-testing military retirement exemptions and raising Social Security income thresholds; staff presented cost estimates but no formal vote or fiscal note was taken.
On Friday, April 25, the Vermont House Ways & Means Committee discussed options for how to allocate roughly $13.5 million set aside in the budget for tax cuts, focusing on possible changes to the tax treatment of military retirement pay and Social Security income.
Committee members heard a staff presentation outlining several options: means-testing a military retirement exemption to mirror existing income thresholds, increasing the Social Security income threshold by $15,000, and a variety of targeted credits for low‑income veterans and pension recipients. The committee did not take a formal vote and committee staff said detailed fiscal notes are not yet complete.
The discussion matters because the House budget includes about $13.5 million for tax changes; the combination of the child tax credit, an expanded earned income tax credit and a Social Security threshold bump already account for roughly $9.6 million of that amount. Committee members were considering how much of the remaining roughly $3.9 to $6.0 million could be used to change the treatment…
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