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.
The scope of safety assessments at the Vermont Yankee
nuclear power plant is the subject of disagreement between Governor Jim Douglas
and Democratic lawmakers. Governor Douglas speaks with VPR’s Bob Kinzel about the
future of the nuclear power plant, instant runoff voting and his capital gains
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 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.
Governor Jim Douglas rejects the idea. He says the Speaker is trying to launch
new spending programs.
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.
plan could result in a gubernatorial veto.