FOR IMMEDIATE RELEASE

April 2, 2024

Contact: Anika Heilweil, Fund Vermont’s Future Campaign Manager, anika@publicassets.org

MONTPELIER, Vt.— A measure that would increase taxes on Vermont’s wealthiest residents gained final approval from the Vermont House today. The bill, H.829, now moves to the Senate.

If enacted, the bill would create a new tax bracket, increasing tax rates by 3% on marginal income over $500,000. This tax change would raise over $74 million annually in state revenue and only affect the top 1.1% of Vermont taxpayers. The revenue is intended to fund long-term housing investments. 

Advocates praised the House of Representatives’ vote, citing urgent needs across the state and skyrocketing income and wealth inequality, as well as strong public support for increased taxes on the wealthiest Vermont residents. James Lyall, Executive Director of the ACLU of Vermont, highlighted the need to update our state’s tax code. Said Lyall, “We see that our state has significant unmet needs, at the same time as Vermont is experiencing growing income and wealth inequality. By increasing taxes on those most able to pay, our state can raise substantial revenue to ensure that all Vermont residents have the opportunity to thrive.”

Through approval of this legislation, Representatives showed their commitment to addressing the needs of Vermonters and supporting their constituents. Increasing taxes on those most able to pay is supported by a majority of Vermont residents, as well as advocates from leading statewide organizations. 

“This vote demonstrates the Vermont House of Representatives’ dedication to building a Vermont that works for everyone who lives here,” said Anika Heilweil, Campaign Manager for Fund Vermont’s Future, a coalition that supports the Fair Share for Vermont Campaign to increase taxes on the wealthiest Vermont residents to raise state revenue. “Voting in support of legislation to create a new tax bracket for Vermont’s highest earners shows that our legislators support their constituents, support responsible mechanisms to raise revenue, and support a government that works for all Vermonters.”

The Fund Vermont’s Future coalition commends the House and is urging the Senate to pass the bill. The coalition began advocating for a 3% tax increase on marginal income over $500,000 in November, launching the Fair Share for Vermont Campaign. The coalition includes the ACLU of Vermont, Public Assets Institute, Vermont Conservation Voters, the Vermont Early Childhood Advocacy Alliance, the Vermont Natural Resources Council, the Vermont-NEA, Voices for Vermont’s Children, and several individuals.

More information is available at fairsharevt.org.

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