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Blue state Vermont one of few trying tax cuts
|Last Edited||Scott³ May 13, 2010 07:30pm|
|News Date||Friday, May 14, 2010 01:00:00 AM UTC0:0|
|Description||"Vermont, often regarded as one of the most liberal states in the country, is bucking the trend of raising state taxes to boost its economy and heading in the opposite direction, cutting capital gains and estate taxes. |
Just a handful of states have joined Vermont in trying to fight their way out of the Great Recession with tax cuts. At least 35 states have opted for tax increases to respond to fiscal woes brought on by the economic downturn, according to a Washington think tank that studies government budgets.
"It's unusual. Most states are focusing on raising revenue as part of a balanced approach to balancing their budgets," said Nick Johnson, director of the state fiscal project at the Center on Budget and Policy Priorities.
Other recent state tax cuts, according to the National Conference of State Legislatures, have been enacted in:
_ Georgia, which will eliminate taxes on retirement income for those 65 and older;
_ Florida, which has passed tax cuts for the entertainment industry and for companies hiring new workers and has capped sales taxes on yachts; and
_ Alaska, which has a cruise ship passenger tax that it reduced from $46 to $34.50."
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