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Ways & Means reviews proposal to lower top income tax rate and competing spending amendments
Summary
The Vermont House Ways & Means Committee considered amendments to the committee tax bill, including lowering the top marginal rate from 13.3% to 12.7% (JFO estimate: ~$100 million beginning FY2028) and a competing amendment to direct similar revenue toward federal-style health-care premium tax credits instead of middle‑class rate cuts.
The Vermont House Ways & Means Committee on April 23 reviewed proposed changes to state income-tax brackets, including a proposal to reduce the previously discussed top marginal rate from 13.3% to 12.7%. Patrick Tutin of the Joint Fiscal Office told the committee the JFO’s current estimate is that the 12.7% top rate would generate roughly $100 million, with an effective date in tax year 2027 and revenues beginning in fiscal year 2028.
Why it mattered: committee members were evaluating two mutually exclusive amendments that would spend the same approximate pool of revenue. One amendment would recreate federal‑style health‑care premium tax credits to return revenue directly to Vermonters; the other would cut rates for…
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