(The Center Square) – The Congressional Budget Office released an official cost estimate for President Joe Biden's "Build Back Better" plan and reported that the plan will increase the deficit, contrary to the administration's previous claims.
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Since mid-July, a legislative task force has been taking a hard look at Vermont’s education funding system. In many ways, we have one of the most equitable school-finance models in the country. Our statewide Education Fund establishes a shared commitment to raise the revenues we need, year after year, to pay for our schools. Local voters approve budgets and we all chip in— pooling our property taxes, sales and use tax, vehicle purchase tax, and even lottery revenues to hit that mark. This statewide system also delivers tax-rate equity, meaning any two towns with the same level of per-pupil spending will have the same adjusted tax rate.
(The Center Square) – The Biden administration’s Build Back Better Act, according to the latest version in the U.S. House, would tax Americans earning $400,000 and above higher than all of its foreign competitors, hitting residents in blue states the hardest, nonpartisan analysts say.
Pro-growth tax reform is on the move in several states. This year, 14 states have enacted tax reforms, which would have been unheard of just a year ago. The good news about tax reform doesn’t end with 2021, though. It appears that many states, including Iowa, are poised to keep reducing the tax burden on their citizens.
(The Center Square) – Deficits in Vermont’s state retirement accounts are continuing to grow and a committee tasked with addressing the shortfall is continuing its discussion on possible solutions.
(The Center Square) – A group of 21 U.S. House Democrats have urged Speaker Nancy Pelosi, D-Calif., and Chairman of the Ways and Means Committee Richard Neal to remove a provision in the reconciliation bill requiring banks to report transaction amounts to the IRS.
LYNDON — The Hazard Mitigation Committee is one step away from securing a $70,000 grant to evaluate high-priority flood fixes.
(The Center Square) – As Democrats struggle to finalize details of their reconciliation spending bill, a newly released tax proposal is getting attention and has the endorsement of a key swing Democrat.