In Vt., Wealthy

Pay Fair Share

Recently Dawn Butterfield wrote a letter to the editor. It was titled "Raise the Taxes of the Wealthy."

She suggested that the state of Vermont is facing a budget deficit and the solution could be to raise the Vermont income taxes on Vermonters with annual incomes over $125,000. In addition she suggests several other ideas to take more money out of those that earn over 125K, and these ideas would have built-in exemptions for low and middle income taxpayers.

She goes on to say "Asking our wealthiest neighbors to kick in a more equitable share of the taxes...."

Let’s examine today’s situation regarding taxes paid. If your net income is $51K, your tax is $1843 or 3.6%

If your net income is $123K, your tax is $7063 or 6.2%.

The effective tax rate on a person earning $123K is almost double that of a person earning $51K and the actual dollars paid is roughly four times as much. Is that equitable?

She wants these fortunate folks to share more of their income. Does the person making $123K use more services ? After looking at this data, I would suggest that the tax system already gets more than an equitable share from the person earning $123K.

Based on Vermont's dubious distinction of being the most taxed state, I think we should look for ways to provide essential services for less money and reduce the tax burden for everyone.

John Izzo

Salisbury