Today, more than 30 organizations and individuals participated in a press event at the Vermont State House to emphasize the importance of sound tax policy for Vermont’s job creators. Businesses are making tough choices each and every day about how they will continue to make payroll and keep their doors open in this economy.
According to one study, Vermont has the 2nd highest cumulative tax burden in the nation. Small business owners across Vermont continue to trumpet their desire for Vermont to get on a sound fiscal path; while resisting unsustainable spending and punishing tax increases.
Last year, this business group opposed:
· the income tax proposal that shifted more than $5.5 million onto family farms and small businesses because most small business owners report their business income on their personal income tax;
· an estate tax change because small, family-owned businesses are especially vulnerable to this tax, in fact many job creators have the entire value of their business in their estate;
· the capital gains proposals because Vermont’s small business owners should not be assessed an extra tax on their life’s work;
· and a myriad of splinter taxes that have been proposed; as business owners, we already have enough challenges growing our business in Vermont without adding extra burdens.
Mark Saba, owner of Formula Ford Auto Group in Montpelier and Rutland and Chair of the Vermont Chamber of Commerce added, “As legislators solve the current fiscal crisis in Vermont, we urge them not to balance the budget on the backs of job creators. The capital gains tax increases passed last year sent the wrong message to those of us that take risks and invest in opportunities that create jobs for Vermonters. As a state, we should seek more investment activity; one positive step toward this goal is to roll back the tax changes made last year.”
Jim Eckhardt, Censor Security of Rutland and NFIB/VT Leadership Council Chairman, said, “The legislature must rollback the capital gains and estate taxes passed last year. Vermont’s small business sector makes up 96.8% of the state’s employers, small businesses created 51.7% of the state’s new jobs. On behalf of these job creators we urge you to make the same tough choice we make each and every day to continue to meet payroll and keep their doors open; increased taxes on small business is the wrong prescription to fix our state’s economy. We need small businesses to grow and create new jobs, higher taxes will set them back.”
Jim Harrison, President of the Vermont Grocers’ Association said, “Small businesses are the backbone of the Vermont economy, they are the economic engine; without a vibrant small business sector Vermont will continue to move toward a museum-like environment free of innovators and entrepreneurs. What then? How will we care for those Vermonters who are truly vulnerable?”
Vince DiCarlo, owner of The Shire Motel in Woodstock said, “Policymakers cannot continue down a path of economic disaster adding higher taxes, new spending and more debt.”
Shawn Shouldice, on behalf of NFIB/VT pointed to the third edition of Rich States, Poor States: ALEC-Laffer State Economic Competitive Index released last month, discusses what states should do to address current fiscal crisis and what policy decisions should be avoided. Shouldice said, “This study is yet one more indication of Vermont’s lack of competitiveness. Small businesses urge legislators to take action now. Vermont is ranked as having the highest property tax burden and the highest level of estate/inheritance taxes levied of any other state in the entire country.”
Rich States, Poor States (http://www.alec.org/AM/Template.cfm?Section=Rich_States_Poor_States) found that states with a high and rising tax burden are more likely to drive away individuals and business, while those with lower and falling tax burdens are more likely to attract businesses and create jobs.
Tax Increases Send the Wrong Message to Vermont’s Job Creators
1. Associated General Contractors of Vermont
2. Associated Industries of Vermont
3. Roland Bellavance, Bellavance Trucking, Barre
4. Bennington County Industrial Corporation
5. Central Vermont Chamber of Commerce
6. Vincent DiCarlo, Shire Motel, Woodstock
7. Dorothy DiCarlo, Shire Motel, Woodstock
8. Greg DiCarlo, Shire Motel, Woodstock (and his daughters Anna and Eli)
9. Jim Eckhardt, Censor Security, Rutland
10. Joe & Ken Gagnon, Gagnon Lumber, Pittsford
11. Monica Green, Precision Tools, Swanton
12. Green Mountain Dairy Farmers Cooperative Federation
13. Green Mountain Economic Development Corporation
14. Homebuilders & Remodelers Association of Vermont
15. Dana McKnight, Carpentry Unlimited, Johnson
16. John Meyer, Bardill Land and Lumber
17. Mike Molleur, Molleur Logging Contractor
18. National Federation of Independent Business/Vermont
19. Ernie Pomerleau, Burlington
20. Mark Saba, Formula Ford Nissan
21. Pam Trag, Quality Market, Barre
22. Vermont Association of REALTORS
23. Vermont Chamber of Commerce
24. Vermont Forest Products Association
25. Vermont Fuel Dealers Association
26. Vermont Grocers’ Association
27. Vermont Society of Certified Public Accountants
28. Vermont Truck & Bus Association
29. Vermont Vehicle & Automotive Distributors Association
30. Gordon Winters, Swanton Lumber
31. Rick Wolfish, Gallagher Flynn & Co., LLP, Burlington
Source: NFIB-VT. 5.5.2010
Business group says capital gains and estate taxes send wrong message
Submitted by tim
on