VT H0621

Creates two new personal income tax brackets: 11.75% on income between $500,000-$1,000,000 for joint filers (with proportional thresholds for other filing statuses) and 13.75% on income exceeding $1,000,000

Increases all existing tax bracket thresholds by approximately 31% (e.g., the lowest bracket for joint filers rises from $64,600 to $84,700)

Maintains the existing four-bracket structure with rates of 3.35%, 6.6%, 7.6%, and 8.75%, while adding the two higher brackets for top earners

Resets the inflation adjustment baseline for tax brackets from 2003 to 2026, using the Consumer Price Index for All Urban Consumers

Takes effect retroactively on January 1, 2026, applying to taxable years beginning on and after that date