Investor Presentaiton

What is ITEP, and what does the "Who Pays" report look at? • . ITEP is the Institute on Taxation and Economic Policy, a tax and budget. policy advocacy group and 501(c)3 that focuses on state and federal tax policy issues Who Pays? examines how, and from whom, state and local governments collect tax revenue The report shows the impact of permanent tax laws on non-senior taxpayers, including the impact of all tax changes enacted through January 1, 2024, at 2023 income levels. . Includes income taxes, consumption taxes, and property/education taxes at the state and local level Caveat: non-tax revenue is largely excluded from the analysis DJFO 1 Baldwin Street Montpelier, VT 05633-5701 (802) 828-2295 https://ljfo.vermont.gov 3

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