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Tax department official outlines who would be affected by proposed income and investment‑proceeds taxes
Summary
Jake Feldman of the Department of Taxes told the Ways & Means committee that the federal extension of earlier tax cuts does not create a new personal income tax cut for high‑income Vermonters and described a proposed investment‑proceeds surtax that would largely tax long‑term capital gains; members raised questions about filer counts, revenue volatility and distributional effects.
Jake Feldman of the Department of Taxes told the Ways & Means committee that many provisions in the recent federal package target lower‑ and middle‑income filers and that, in Vermont’s context, “there’s no personal income tax cut for high income Vermonters in this bill.”
Why it matters: Feldman said the proposal could raise Vermont’s top marginal rate in certain comparisons (the presentation cited a new highest top marginal rate of 13.3% in the draft proposal) and that an investment‑proceeds surtax would lean heavily on long‑term capital gains, a revenue source its own presenter called inherently volatile.
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