A major overhaul to how our country collects taxes has passed through Congress and now awaits the President's signature to become law. What does it mean for Vermont taxpayers? Vermont Edition dives into the details of the new tax plan with an accountant and the state tax commissioner.
Experts say the new tax plan will likely lower what the average Vermonter pays in taxes, but the sweeping changes it ushers in to U.S. tax laws will be felt in countless deductions, tax credits and exemptions. That could impact everything from how Vermonters file their federal taxes to the choices nonprofits, institutions and businesses make at tax time. And state tax officials say they're only now understanding the full extent of the changes the new law will bring to Vermont.
Rick Wolfish, a certified public accountant with Gallagher, Flynn and Company, joins Vermont Edition to discuss what individual Vermonters need to know about the new tax law. Also joining the program is Kaj Samsom, the Commissioner of the Vermont Department of Taxes, to talk about how the new tax bill will affect the state and the revenue it collects.
Broadcast live on Thursday, Dec. 21, at noon; rebroadcast at 7 p.m.
Editor's note: Gallagher, Flynn and Company is a VPR underwriter.