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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Vermont, as in other states, taxpayers are subject to a variety of taxes levied by state and local governments, as well as the federal government. Vermont imposes a state income tax, which is progressive and varies depending on the taxpayer's income level. The state also collects property taxes, with rates varying by local jurisdictions, to fund services such as education. Vermont does not have a general sales tax, but it does impose a use tax on the use, storage, or consumption of tangible personal property in the state when sales tax has not been paid. The state also levies a capital gains tax as part of the income tax system. While Vermont does not have an inheritance tax, it does have an estate tax, which applies to the estates of deceased persons whose estate value exceeds a certain threshold. Additionally, Vermont has a franchise tax for certain types of businesses. It's important to note that federal taxes, including federal income tax, capital gains tax, and estate and gift taxes, also apply to Vermont residents as they do to all U.S. citizens and residents.

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Taxes

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Vermont State Code

Vermont State Code

Taxes

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