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The facts on Vermont’s Tax Climate
8.95%Individual Income TaxTop rate
8.5%Corporate Income TaxTop rate
$2166Property TaxCollections Per Capita
Vermont's Individual Income Tax System
Vermont's personal income tax system consists of five brackets and a top rate of 8.95%. That rate ranks 6th highest among states levying an individual income tax. Vermont's income tax collections per person were $782 in 2010 which ranked 25th lowest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
Vermont's Corporate Income Tax System
Vermont's corporate income tax system consists of three brackets and a top rate of 8.5%. That rate ranks 12th highest among states levying an corporate income tax. Vermont's corporate tax collections per person were $136 in 2010 which ranked 14th highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
Vermont Sales and Excise Taxes
Vermont levies a 6% general sales or use tax on consumers, which is the same as the national median of 6%. The average local sales tax rate is an additional 0.14%. Vermont's state and local governments collect $513 per person in general sales taxes and $866 per person in excise taxes, for a combined figure of $1379, which ranks 19th highest nationally. Vermont's gasoline tax stands at 26.7¢ (23rd highest nationally), while its cigarette tax stands at $2.62 (7th highest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
Vermont Property Tax Collections Relatively High
Vermont's state and local governments collected approximately $2166 per person in property taxes, which ranks 6th highest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on April 14th in Vermont
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2013, Vermont taxpayers worked until April 14th (25th latest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: New Hampshire, April 15th (ranked 20th latest nationally); New York, May 6th (ranked 2nd latest nationally); and Massachusetts, April 25th (ranked 4th latest nationally).
Vermont's State and Local Tax Burden In Line with National Average
Vermont's 2010 tax burden of 10.11% ranks 13th highest out of 50 states, and is above the national average of 9.9%. Vermont's taxpayers pay $4154 per capita in state and local taxes.
Vermont's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
Vermont's 2013 Business Tax Climate Index Ranks 47
Vermont ranks 47th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: New Hampshire, 7th, New York, 50th, and Massachusetts, 22nd.
50-State Comparison of Business Tax Climates (data only)
2013 State Business Tax Climate Index (full study)
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