The Child Tax Credit Bill

Two Different Proposals - Benefits for the Top 5% or for thousands of other Vermonters.
Feb. 20,2022

 

Vermont Democrats are telling you that I voted “NO” on the “child tax credit bill”. They are correct in that statement, but they don’t explain the alternatives.

In his budget address, the Governor presented a plan which would spend $50 million in tax relief to benefit over 100,00 Vermonters. Those Vermonters would have included some of the most vulnerable in our state.

The plan would have increased the earned income tax credit plan, making it one of the most generous in the country. For many families with children, this would have resulted in twice the benefit to help with the cost of childcare. For Vermont’s senior citizens, the plan would have increased the state’s tax exemption level on Social Security. For younger Vermonters, the plan would have allowed the interest they are paying on student loans to be deducted from their income taxes.

These benefits alone would have helped about 80,000 Vermont taxpayers, but there were even more benefits included in the Republican plan. There would be special tax credits for nurses and for childcare workers, helping another 21,000 taxpayers. The elimination of the tax on military retirement income would help more than 4,000 military retirees and their partners.

The Vermont Democrats said “NO” to this broad-reaching plan and presented their own plan for spending that same $50 million. In their plan, the State would send a check for every child under the age of six to families earning as much as $223,000 for a single taxpayer. Consider that the per capita income for Vermonters in 2020 was $35,854. That means in the Democrat plan some of the top 5% earners would get a tax credit while thousands of the poorest Vermonters would be left out altogether.

Almost three times as many of our friends and neighbors would have received help under the first plan than the plan being pushed by the Democrats.

Let me ask you, for which plan would you have voted?

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