"The state has socked away $60 million in the stabilization reserve fund and $30 million in the human services caseload reserve. We have $10 million set aside for federal cuts to the Low Income Heating Assistance Program. Revenues are back up 11 percent ahead of last year’s tax receipts. And our credit rating is the second highest in the country."
"If the Super Committee fails to reach agreement, $1.2 trillion in spending cuts will be made automatically starting in 2013, through what’s known as the “trigger.” That would actually be good news for quite a few state programs that rely on federal funding."
Spaulding’s Press Release Includes The Following:
"The big question at this point is how the events playing out in Washington DC and global financial markets will affect [Vermont’s economic] recovery,” Spaulding commented.
"The final report of Vermont’s own Blue Ribbon Tax Structure Commission found that, for at least the past 16 years, people moving to Vermont consistently have higher incomes than those who move out of the state each year."
With services already suffering and state employees working even harder (& often longer) to make up for recent staff cuts, there are few options left for Vermont leaders but to find new revenue.
CNN Poll Finds Nationally, 63% Of Americans Support Tax Increase For Wealthiest
Discounts End October 31, 2011!