Bill > H0732

This bill, relating to new income tax brackets, proposes to create two new marginal income tax brackets, meaning that a portion of income will be taxed at a higher rate. Specifically, individuals earning between $200,000 and $400,000, and those earning over $400,000, will face an additional one percent tax on that income within those brackets. For married couples filing jointly, these thresholds are doubled, applying to income between $400,000 and $800,000, and income over $800,000. The revenue generated from these new tax brackets will be directed to the Education Fund, with the intention of increasing the property tax credit for taxpayers whose household income is less than $115,000 annually.

Budget and Finance

https://legislature.vermont.gov/bill/status/2026/H.732