Tax’em until they can’t move

One ,but not the only, reason We left Vermont is their revenue policy of taxing Social Security and military pensions. The one item they can’t tax is disability. And that is only because the Federal government pays that and forbids attachments.

Why the Progressive legislature decided to give an exemption, is not known this side of sanity but probably to stop the taxpayer outflow.

Exemption making eligible Vermonters happy

Nearly 40,000 Vermonters receiving Social Security benefits will keep more of their income due to an income tax exemption. This change, included in Act 11 of the 2018 special session, created a personal income tax exemption for Social Security beneficiaries below certain income thresholds.

The law takes effect in calendar year 2018 for tax returns filed in 2019.

According to Vermont Commissioner of Taxes Kaj Samsom, “The governor and the department… have worked with the Vermont Legislature on an initiative that will help many Vermonters keep more of their Social Security benefits. With this change, Vermont joins the overwhelming majority of states, including all of our neighbors in the Northeast, in granting additional state-level exemptions to Social Security income, which is taxed federally.”

At the federal level, Social Security benefit exemptions range from fully exempt to 15 percent exempt, depending on income. Benefits that are federally taxable become part of a taxpayer’s adjusted gross income (AGI). The new Vermont tax exemption allows eligible taxpayers to exempt all or some of these federally taxable Social Security benefits on their Vermont returns. [snip]

For singles, heads of household, married filing separate, and surviving spouse filers, Social Security benefits will be fully exempt if their AGI is less than $45,000 and partially exempt if their AGI is between $45,000-$55,000.

For married joint filers, Social Security benefits will be fully exempt if the AGI is less than $60,000 and partially exempt if their AGI is between $60,000-$70,000.

The federal tax on Social Security is the work of the liberal idiot Ted Kennedy who believed that money really wasn’t yours. It makes no difference if you worked all your life, paying into that Ponzi scheme; he wanted to give your money to people who never worked for it.

The Legislature in Vermont believes the same way. More than likely this new exemption is given because so many Vermonters who were being dunned heavily, moved out of state. The population in Vermont is now more welfare recipients and junkies that the Progs had to do something to stem the outflow.. Stay tuned; there will be more to this before long.