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Phil Scott on Tax Reform
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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
Scott and Republicans blocked many new taxes
Here are just some of the taxes and fees Governor Scott and Republican lawmakers were able to prevent: New carbon tax; New payroll tax on Vermonters' wages; Income tax surcharge; Increase in the meals and rooms tax; Occupancy fee; Per-parcel fee;
Small business surcharge; Sugar tax; Bag tax; And many, many more!Thanks to Governor Scott's vetoes and a united Republican Caucus, we avoided many new taxes and fees. They displayed fiscal responsibility and showed a real commitment to affordability.
Source: 2020 Vermont Gubernatorial campaign website PhilScott.org
, Aug 7, 2018
Tax burden takes a toll on economic development
"In my first 18 months in office, we've avoided $70 million in forecasted property tax rate increases--including two consecutive years of level rates for residential property tax payers. We've eliminated the income tax on social security for low
and middle-income households.As we move ahead, I look forward to working with fiscally responsible lawmakers of all parties who understand the toll the tax burden takes on our economy and economic development."
Source: 2020 Vermont Gubernatorial campaign website PhilScott.org
, Aug 7, 2018
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: Jun 30, 2020
