|
Phil Scott on Tax Reform
|
|
|
Increase estate tax exemption from $2.75M to $5.75M
The estate tax is a stable source--average revenue since 2004 has been about $19.5 million, and the lowest year was 2015 at $9.9 million. Tax professionals consistently tell me that because we are so far out of line with other states, the estate tax is
a factor in retirees leaving. I propose increasing the current exemption from $2.75 million to $5.75 million over four years. This will align us with Maine and New York, and more closely with the federal exemption.
Source: 2019 State of the State address to the Vermont legislature
, Jan 24, 2019
Balanced budget without raising taxes
Early in my career working construction, I learned that when you find yourself in a hole and have a problem, the first thing you do is stop digging. Well, I'm proud to report that last year we stopped digging. We passed a budget that invested in our
people and economy, without raising a single tax or fee.
We closed a budget gap of more than $60 million, and limited budget growth to just over 1%, while wages grew at about 2%.
This means--for the first time in recent history -that state government actually helped people keep more of what they earned.
Source: 2018 Vermont State of the State address
, Jan 4, 2018
Property taxes shouldn't grow faster than property values
In 2014, 50% of Vermont's school students saw their school budgets voted down as many communities fought back against the property tax rates. Many communities reduced their budgets but still had substantially higher property tax rates imposed on them.
What did the Legislature do to address this unsustainable problem? Nothing. The property tax system is broken and Scott believes it's time for the Legislature to stop sidestepping this challenge and work with school boards to find a reasonable solution.
As a matter of principle, Scott does not believe property taxes should grow faster, on average, than increases in income or increases in the underlying fair market value of the property being taxed. He also believes that the state should audit all of
its unfunded mandates and repeal them.
Scott will continue be a voice for those Vermonters struggling to pay their property tax bills and make developing a real, sustainable reform of our property tax system a top priority.
Source: 2016 Vermont Gubernatorial campaign website PhilScott.org
, Sep 9, 2015
Page last updated: Nov 18, 2019
