Wealth Tax (H.827/H.828) - Jan 30, 2024
Joyce Manchester (Senior Economist, Joint Fiscal Office) presented a wealth tax proposal to the Senate Finance Committee on Tuesday. The bill is also referred to as the "Fair Share for Vermont" proposal. The proposal is to increase taxes on the wealthiest Vermont residents to "build a better Vermont." The proposal will increase taxes on the top 2% of Vermont taxpayers, and raise nearly $100M each year in state revenue. According to Manchester, a wealth tax is usually defined as an annual tax levied on the net worth, or total assets net of all debts, of an individual or household above an exemption threshold.