House committee rejects Douglas plan to change capital gains tax

The House Ways and Means committee has rejected Governor Jim Douglas’s plan to change Vermont’s capital gains tax. Douglas wanted to use money from the changes to lower tax rates for middle and upper income people. But the committee says it’s more important to save this source of revenue to help deal with looming budget deficits.

Senate leaders propose using capital gains tax to repair bridges and roads

Vermont’s capital gains tax could be used to help pay for transportation projects. Republican and Democratic leaders in the Senate are drafting a proposal to close a tax loophole, and use the savings to improve the state’s roads and bridges. But the Douglas Administration wants to use the money to lower income taxes for middle and upper income Vermonters.

House Speaker, Governor at odds over capital gains tax

House Speaker Gaye Symington says Vermonters need property tax relief. And she wants to pay for it with $21 million dollars raised by eliminating a capital gains tax exemption. But Governor Jim Douglas rejects the idea. He says the Speaker is trying to launch new spending programs.

Shumlin supports Douglas tax idea, but wants to redirect money

Senate President Peter Shumlin says he supports Governor Jim Douglas’s plan to eliminate the state exemption on capital gains. But Shumlin says he has a very different plan for how to spend the millions of dollars the state will receive from the proposal. Shumlin’s plan could result in a gubernatorial veto.