Wed, 07/21/2021 - 5:07pm tim
by Julie Lowell, Public Assets Institute In March, the American Rescue Plan Act allotted nearly $200 million of relief to Vermont’s local governments $76.6 million to cities and towns, and another $121 million to Vermont counties to respond to the COVID health emergency, boost essential worker pay, provide needed government services, and invest in water, sewer, or broadband infrastructure. This money will have significant impact, as it is nearly 40 percent of what Vermont local governments collected in municipal taxes in 2020.
But where is that federal relief money?
Vermont cities and towns with fewer than 50,000 residents could see their money before the end of August. All but one Vermont municipalities had applied to the state as of July 21 for their funds, and the state requested the money from the federal government last week. Once Vermont gets the money, the federal Treasury requires towns get it within 30 days, unless the state requests an ex
Fri, 07/02/2021 - 4:47pm tim
by Julie Lowell, Public Assets Institute Vermont leaders demonstrated their commitment to Vermonters during the pandemic. They told the truth, faced reality, and committed to the public good to weather the emergency. The post-COVID recovery requires this same level of commitment to address the ongoing challenges that the pandemic highlighted deteriorating infrastructure, income insecurity, and systemic inequities. Aided by federal relief funds this year, the $7.3 billion budget for fiscal year 2022, which started on July 1, provides a good start.
Infrastructure
Lawmakers allocated $150 million of federal funds for broadband improvement, to start fixing a system that left many unable to learn or work from home over the past 15 months. Another $115 million from the feds will go toward clean water, and $50 million will support climate action. These are entrenched state problems requiring large-scale investments.
PAI: The people vs the computer | Vermont Business Magazine vermontbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vermontbiz.com Daily Mail and Mail on Sunday newspapers.
Tue, 02/23/2021 - 5:40pm tim
by Julie Lowell, Public Assets Institute How much income does a person need to live? The Joint Fiscal Office’s January release of its biennial Vermont Basic Needs Budgets and Livable Wage report answers this question. Unfortunately, it reminds us that not all Vermonters are able to meet their basic needs.
In 2020 livable income levels for full-time workers ranged from nearly $13 an hour for people without children in rural Vermont to nearly $42 an hour for a single parent with two children in the Burlington area – about $27,000 and $87,000 a year respectively. The report details the cost of basic needs for seven Vermont household configurations, adjusting expenses based on household size and type: one or two parents, children, urban or rural. Needs include food, housing, transportation, childcare, health care and other costs.
1. Restructure the homestead education tax
2. Broaden the sales tax base
3. Modernize income tax features
4. Undertake analysis in order to eliminate tax burden/benefit cliffs
5. Improve administration of property tax
6. Create a comprehensive telecommunications tax
7. Utilize tax policy to address climate change
8. Collaborate with other states so each state can build a fairer, more sustainable tax system
Recommendation 1: Restructure the Homestead Education Tax
Key components:
A. Eliminate the Property Tax Credit
B. Eliminate the homestead education property tax, and implement income-based education tax for all residents (owners and renters) with rate tied to locally voted budgets.
C. Levy the non-homestead education property tax on all property except the residence and 2-acre site.