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Vermont wants to fix income inequality by raising taxes on the rich
Vermont, known for tackling progressive issues, has a new goal in sight: Adding new taxes that would target its wealthiest residents, aiming to tackle growing income inequality and to ensure that the rich are paying their fair share.
Lawmakers in the state this week introduced a pair of bills that would add two wealth taxes. The first would imposed a 3% tax on individuals with adjusted gross income of more than $500,000. The second would add a tax on capital gains on assets above $10 million.
Vermont isn’t the first state to propose wealth taxes, with eight states last year proposing adding levies on the rich with the goal of raising billions to fund social programs. There’s also been push on the national front, from the likes of President Joe Biden and Sen. Elizabeth Warren, to create a federal wealth tax.
Yet while polling suggests most Americans are in favor of raising taxes on the rich, wealth tax proposals so far have failed to gain much legislative traction. One exception is Massachusetts, which in 2023 instituted a so-called “millionaire’s tax” that added a 4% levy on annual income above that threshold. The revenue raised from the tax is paying for free school meals, among other uses.
Rich getting richer even in Vermont
Vermont may not have the same huge wealth disparities as bigger states like Massachusetts or California, but inequality is growing in the New England state, which has a population of about 650,000 people.
“Vermont has significant unmet needs and must raise more revenue to adequately address those needs,” Vermont Rep. Emilie Kornheiser, who is sponsoring the bills, told CBS MoneyWatch. “At the same time, we know that economic inequality is increasing: The wealthiest Vermont residents are getting wealthier, while wages for the majority of Vermont residents are not keeping up with rising costs of living.”
The tax system in Vermont “consolidates wealth at the top, which prevents the state from raising sufficient revenue while placing an undue burden on middle-class families,” added Kornheiser, a Democrat. “Our tax system additionally leaves a significant amount of wealth untouched.”
Across the U.S., the rich generally pay a lower share of their income in taxes than low earners, according to the Institute on Taxation and Economic Policy (ITEP). A recent analysis by the left-leaning think tank found that the average effective state and local tax rate paid by residents to their home state is 7.2% for the top 1% of earners; for the lowest-earning 20%, that rate tops 11%.
In Vermont, the top 1% pay a combined effective tax rate of 10.1%, while residents with income between $83,300 and $135,900 have a tax rate of about 10.5%, ITEP found.
“The wealthiest Vermonters are paying lower rates than some middle-income earners,” ITEP research director Carl Davis said. “We know that wealthy people receive a huge share of overall income, and so choosing to tax all that income at lower rates can really impact states’ ability to fund schools, parks, infrastructure and every other public service.”
Would rich people flee?
Vermont has a Democratic legislature, while Gov. Phil Scott is a moderate Republican who has said he won’t approve measures that would raise taxes. He’s also expressed concern that wealth taxes could push some well-heeled Vermonters to move to lower-tax states, according to Vermont Public Radio.
But it’s not clear whether the rich are motivated to move solely for tax purposes. Some Americans have shifted to low-tax states in recent years, such as Florida and Texas, but those people could be opting to move for factors including a better job or warmer weather.
ITEP’s Davis said wealthy Americans actually move less frequently than the broader population “because they’ve already found economic success.” Instead, the people who move to new states tend to be people who are pursuing better wages, cheaper housing or want to be in a warmer climate.
“We’ve all heard the anecdotes about rich people moving because they didn’t like their tax bill, but the data tell us that these stories are exceptions, and it’s not happening on a wide scale,” Davis said.
At least some research supports that view. In a 2016 study that examined the tax records of every U.S. millionaire over more than a decade, Stanford University and U.S. Treasury Department researchers found that only 2.4% of millionaires migrated to another state over that period, compared with 2.9% for the population at large.
“The most striking finding of this research is how little elites seem willing to move to exploit tax advantages across state lines in the United States,” they wrote at the time.
Another hurdle facing the proposals would be putting a wealth tax on capital gains. Most retirement accounts would be exempt, but investment accounts above $10 million that incurred an unrealized gain of $1 million — meaning the account rose to $11 million in value despite the owner selling no stocks or assets — would pay the top income tax rate of 8.75%. Realized gains above $10 million would also pay the new wealth tax.
A case now before the Supreme Court examines whether unrealized gains are subject to taxation.
“But there’s no reason to expect that case to impact state taxing authority,” noted Davis.
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more