The median income of married Vermont tax filers rose in 2012 to $70,573, according to The Vermont Economy Newsletter’s analysis of just-released Vermont Tax Department data.’After adjusting for inflation, median family income was up by 0.8 percent.’Fifty percent of families earn more than the median and fifty percent earn less.’
‘The increase in median income, although small, was welcome,’ said Art Woolf, co-author of the study and editor of The Vermont Economy Newsletter.’‘The sluggish economic growth since the end of the recession has constrained income growth for average Vermonters,’ he continued.’‘
‘Real family income fell by $3,300 during the recession,’ said Richard Heaps, the study’s co-author. ‘‘We’ve recovered $1,100 of that decline, so we’re one-third of the way back to our pre-recession peak.’’
Woolf and Heaps forecast that when the 2013 numbers are released, at the end of this year, they will show continued growth in median family income.’‘Our forecast for 2013 is an inflation-adjusted gain of 1.5 percent, with a similar gain in 2014,’ said Woolf.’‘If that holds true, then in 2014 the median income Vermont family’s income will finally get back to its 2007 level.’’‘
‘The Vermont Tax Department data are the most comprehensive data available on Vermont family income,’ said Heaps.’‘All other government data sources are based on a small sample of Vermonters whereas the Tax Department data is based on the complete universe of more than 123,000 Vermont families with both a husband and wife present who filed tax returns in 2012.’
‘