An act relating to a flat income tax

H.759 proposes replacing Vermont's current complex tax system - including income, sales, property, and estate taxes - with a single flat income tax. It would repeal 12 existing tax types (like education property tax, sales tax, and estate taxes) and simplify tax filing for all Vermont residents and businesses. The bill includes targeted relief for low-income households and rural communities to offset potential regressive impacts, while aiming to fund essential services like education and infrastructure through the new system. This change would affect every Vermont taxpayer subject to income tax, with specific adjustments to taxable income calculations outlined in the bill.