Vermont's Joint Fiscal Office published Vol. 2 of the Tax Study last week. It contains important information that helps debunk the mantra about VT having the highest "tax burden" in the country. By calculating tax liability for 24 different hypothetical filers in 12 states, they show clearly that VT's progressive income tax (and various sales tax exemptions) helps moderate the cost of taxes for most Vermonters. In the end, VT looks pretty good.
The media has done many stories about the so-called "tax burden" and routinely quotes those who refer to it as evidence of Vermont's anti-business attitude or to hype the Governor's "affordability agenda". Unlike the flawed per capita approach, the JFO study gets to the heart of the matter.
Doug Hoffer
2 comments:
Thank god we're getting the amunition to sink the Douglas leaking ship of state. Thanks, Traven
The Burden of Tax depends on the quantity of product supplied and the demand for it and this is called the elasticities of demand and supply. Depending on it the Tax Burden can be absorbed either by the buyer which it does in the shape of higher prices post- tax or it may be absorbed by the seller in the shape of lower prices pre-tax. In case the supply elasticity is low then more of the Tax Burden is taken by the supplier. On the other hand if demand elasticity is low then more of the Burden Tax is taken by the customer.
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