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Ways & Means reviews new 13.3% top personal income tax bracket for top 1% of returns
Summary
Joint Fiscal Office staff presented draft language to add a 13.3% top marginal personal income tax rate for married joint filers with AGI at about $586,000 (the top 1% cutoff). Staff estimated roughly $114 million in additional revenue starting in fiscal year 2028 and discussed distributional and demographic implications.
Joint Fiscal Office staff told the Ways & Means Committee that the draft bill would add a new top marginal personal income tax rate of 13.3% for high-income filers. The proposed threshold—about $586,000 of AGI for married filing jointly—was described as the 2024 cutoff for the top 1% of Vermont returns.
Titterton said the cutoff represents roughly 3,300 tax returns (about 8,500 individuals) and that…
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