MONTPELIER, Vt. (AP) A Vermont panel has recommended a 26 percent tax rate on marijuana sales in its final report. The Governors Subcommittee on Taxation and Regulation recommends a 20 percent excise tax, coupled with a 6 percent sales tax. Officials recommend that Vermont towns receive 5 percent of the excise tax revenue. Under the plan, towns with retail pot stores would get an additional 10 percent. The 14-page report includes other recommendations like roadside saliva testing and the creation of a Cannabis Board of Control to regulate the state's industry. Critics of the tax plan say the pot tax is too high and won't attract customers from the illicit marijuana market. State Sen. Richard Sears has said the rate should be lower. The recommendations will move to the Legislature for any changes. Click here for the full report. (Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) … [Read more...] about Panel proposes 26 percent tax rate on pot sales in report
Vermont town tax rates
Vermont should be able to keep property tax rates stable next year, according to an early prediction from Tax Commissioner Kaj Samsom. The annual December tax rate forecast is a bit like predicting how much snow Vermont will get this winter: It's early, and things could change. Still, the predictions from the Tax Department are an important piece of information for school board members who are writing next year's budgets. And they serve as a starting point for the Legislature's perennial school spending debate. The forecast is great news for Gov. Phil Scott. For the first time since Scott has been governor, there will not be a looming tax increase darkening the skies over Montpelier when lawmakers begin their work in January. That could make it easier for Scott to find money for child care programs. "In the upcoming legislative session, my top priority remains improving quality and equity — from cradle to career — and I think this outlook could make those … [Read more...] about Vermont won’t need to raise property tax rates in 2019, tax chief predicts
click to enlarge Taylor Dobbs The House Ways & Means Committee looks to Tax Commissioner Kaj Samsom for answers. Vermont Tax Commissioner Kaj Samsom refused to share the details of Gov. Phil Scott's yet-to-be-announced school funding plan during a hearing Thursday morning before the House committee that oversees tax policy. House Ways & Means Committee chair Janet Ancel (D-Calais) said the “clock is ticking” on the legislative session, which is expected to last two more weeks. Committee members voiced concern and frustration that the administration has hinted at a comprehensive proposal but provided few details. “I’d like to know if there is going to be a proposal … to use one-time money," Ancel told Samsom. "Where would it come from, and how would it be replaced? Those are all things that would affect tax rates.” Samsom assured the committee that the administration is actively working on it — working so hard … [Read more...] about Vermont Tax Chief Declines to Detail Education Funding Proposal
MONTPELIER, Vt. (WCAX) Vermont's governor and lawmakers remain at odds over the state budget. Without a deal, state government will shut down July 1. So what would that mean for Vermonters and who would be hurt the most? "A government shutdown would be terrible for the state. It adds this incredible level of uncertainty. It shows Wall Street that we can't handle our finances," Vt. House Speaker Mitzi Johnson said. Vermont's Constitution is clear: "No money shall be drawn out of the Treasury, unless first appropriated by act of legislation." "The programs that operate with state revenue or federal revenue all have to be appropriated, so they would not be operating after July 1," Vt. Finance Commissioner Adam Greshin said. Lawmakers and the governor disagree on property tax rates but that fight has spilled over to the state budget. Gov. Scott vetoed one spending plan already and may scuttle lawmakers' second attempt soon. "The veto is about a show that is a very dangerous game," said … [Read more...] about What would a government shutdown mean for Vermonters?
The only thing more startling than the flurry of tax proposals Democrats have unveiled in recent weeks is the full-throttle response they’ve gotten from the public. Representative Alexandria Ocasio-Cortez suggested a near doubling of the top income tax rate. Senator Bernie Sanders introduced a bill to raise taxes on dynastic heirs. And Senator Elizabeth Warren proposed a levy that has never existed in the United States: a wealth tax, assessed annually on America’s biggest fortunes. The soak-the-rich plans — ones that were only recently considered ridiculously far-fetched or political poison — have received serious and sober treatment, even by critics, and remarkably broad encouragement from the electorate. Roughly three out of four registered voters surveyed in recent polls supported higher taxes on the wealthy. Even a majority of Republicans back higher rates on those earning more than $10 million, according to a Fox News poll conducted in mid-January. Riding … [Read more...] about For Democrats Aiming Taxes at the Superrich, ‘the Moment Belongs to the Bold’
BRATTLEBORO, Vt. (AP) — Officials in the Vermont town of Brattleboro have approved a new 1 percent sales tax. The Brattleboro Reformer reports the tax approved in a 75-62 vote Saturday is expected to generate more than $600,000 annually. The town will collect 70 percent of the revenue from the tax, which goes into effect July 1. The remainder of the revenue will go to the state. The tax will apply to items such as cosmetics, soaps, toothpaste and jewelry. Food, medications and motor vehicles are among the items that will be exempt. Town Meeting representatives approved a general fund budget of about $18 million for fiscal year 2020, which is a 1.7 percent increase over the previous year. Property tax bills and the municipal tax rate will decrease as part of the budget. ___ Information from: Brattleboro Reformer, http://www.reformer.com/ … [Read more...] about Town officials approve 1 percent sales tax