Vermont Treasurer Warns of Looming Federal Changes, Urges State Lawmakers to Prepare

Vermont Treasurer, Jason Gibbs, is urging state lawmakers to prepare for potential federal changes that could have a significant impact on the state’s finances. According to Gibbs, the federal government is considering changes to the tax code and other financial regulations that could affect Vermont’s revenue streams. The treasurer is warning that these changes could lead to a loss of funding for various state programs and services. Gibbs is calling on lawmakers to take proactive steps to mitigate the potential effects of these changes. He is recommending that the state diversify its revenue streams and reduce its reliance on federal funding. The treasurer is also suggesting that the state consider implementing new taxes or fees to make up for any potential losses. Gibbs is emphasizing the importance of being prepared for any eventuality, stating that it is better to be safe than sorry. The treasurer’s warnings come as the federal government is considering a range of changes to the tax code, including the potential repeal of the state and local tax (SALT) deduction. This deduction allows taxpayers to deduct their state and local taxes from their federal tax bill, and its repeal could lead to a significant increase in taxes for many Vermonters. Gibbs is also warning about the potential impact of changes to the federal budget, which could lead to a reduction in funding for various state programs. The treasurer is calling on lawmakers to work together to find solutions to these potential problems, stating that it will require a bipartisan effort to address the challenges ahead. Gibbs is emphasizing the importance of taking a proactive approach, rather than waiting for the federal government to act. He is suggesting that the state consider implementing new financial planning tools and strategies to help mitigate the potential effects of federal changes. The treasurer’s warnings are being taken seriously by lawmakers, who are beginning to consider the potential implications of federal changes. The state’s congressional delegation is also weighing in on the issue, with some members calling for caution and others urging the state to take proactive steps to prepare. As the situation continues to unfold, it remains to be seen how the state will respond to the potential federal changes. One thing is certain, however: the state’s treasurer is urging lawmakers to take the potential threats seriously and to begin preparing for any eventuality. The treasurer’s office is working closely with lawmakers and other stakeholders to develop a plan to address the potential challenges ahead. The state’s budget and finance committees are also holding hearings and meetings to discuss the potential implications of federal changes. The treasurer is emphasizing the importance of transparency and communication throughout the process, stating that it is essential to keep the public informed about any developments. The state’s residents are also being encouraged to stay informed and to contact their lawmakers with any questions or concerns.

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