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Rep. Teddy Wozozak proposes two new top income-tax brackets to raise about $100 million
Summary
Representative Teddy Wozozak introduced H.621 to add tax brackets for incomes over $500,000 and over $1,000,000, increasing top rates by 3% and an additional 2% (5% for $1,000,000+). Supporters said the change would protect low- and moderate-income Vermonters; no vote was taken.
Representative Teddy Wozozak, a lawmaker from Berry City, told the Committee on Ways and Means on Jan. 16 that he would focus the committee’s attention on H.621, “an act relating to personal income tax brackets,” which would add two new top tax brackets and raise projected revenue for state priorities.
"The first new bracket would begin at incomes over $500,000," Wozozak said, and the second would apply to incomes "over $1,000,000." He said the $500,000 bracket would increase taxes by 3% and an additional 2% would apply at the $1,000,000 level, resulting in a 5% increase for incomes of $1,000,000 or more. He described the plan as a fairness measure amid widening income inequality and estimated the change could bring in "over a $100,000,000 a year."
Wozozak framed the…
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