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Vermont will cover $10K of expenses for people who move there and work remotely

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Re: Vermont will cover $10K of expenses for people who move there and work remotely

#11

Post by SaltyBackendGuy »

protonimitate wrote: post #5
beachwood23 wrote: post #2

I was raised in Vermont, and moved away to the Philly area for college, and stayed here because the job opportunities are so much greater in East coast metro areas. Vermont is very insecure about its ability to "hold on" to its young people. Probably for a good reason, because the majority of young persons who remain in the state after high school are the ones who only graduate from high school. I'm interested to see…

I think it's great remote work is starting to catch on. I think it could help revitalize a lot of the rural areas just outside of major metro footprints. I am also born and raised New England, NH and ME could also benefit from this type of program (although Portland seems to be more up and coming). There's a lot of really good reasons to escape the Boston bubble, but unfortunately companies are holding tight to brick…

As a side effect, perhaps even lower cost of living in metro areas due to people being able to work/live in more rural areas.

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#12

Post by PakG1 »

This is interesting. I'm hearing more and more examples of cities are pulling out more and more stops to attract people. Maybe I was just ignorant about them before.

Free land if you move to the Yukon to do farming: https://www.reuters.com/article/us-canada-farming-landrights...

And then there's Shenzhen's peacock plan to attract foreign experts for high-tech startups, 6 figures USD for individuals who meet certain criteria, and millions USD for teams: http://www.china-briefing.com/news/2017/08/01/incentives-she...

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#14

Post by ggg9990 »

zellyn wrote: post #10

$10,000 is less than what Silicon Valley firms will cover just for relocation. I guess if you're thinking of doing it anyway, it could push you over the edge. ¯\_(ツ)_/¯

It’s not going to make anyone move to a cabin in the woods. But if you have already decided to move to a cabin in the woods, it might make you pick Vermont over New Hampshire.

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#16

Post by wpdev_63 »

ggg9990 wrote: post #15

Northern New England will have to get its heroin problem under control before it will be appealing to the “remote programmer moving to rural area for peace and quiet and lower cost of living.”

Some parts of vermont are very nice and the people are progressive. They have a drug problem in major cities but what else is new.

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#17

Post by ChuckMcM »

unit91 wrote: post #6

From the law: > (3) The Agency shall award grants under the Program on a first-come, first-served basis, subject to available funding, as follows: (A) not more than $125,000.00 in calendar year 2019... With such a small budget, it seems like the actual intent may have been to allocate up to $125K to generate advertising about their state. https://legislature.vermont.gov/assets/Documents/2018/Docs/B...

As we are talking about living and working in Vermont on a technology focused news aggregation site, I would call that a success.

Part of the reasoning given in the article is to shore up the "rapidly sinking tax base" of the state and it reminds me that we don't have a good example of governments that both grow and shrink based on the economic activity of the state. That is something that could really help areas remain stable for longer periods of time I expect.

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#18

Post by gk1 »

unit91 wrote: post #6

From the law: > (3) The Agency shall award grants under the Program on a first-come, first-served basis, subject to available funding, as follows: (A) not more than $125,000.00 in calendar year 2019... With such a small budget, it seems like the actual intent may have been to allocate up to $125K to generate advertising about their state. https://legislature.vermont.gov/assets/Documents/2018/Docs/B...

Yes, I was surprised by this:

> Vermont has budgeted grants for about 100 new remote workers in the first three years of the program and about 20 additional workers per year for every year after.

Vermont lost 10,000 working-age residents over the past five years.[1] This plan will (in theory) recover just ~1% of that.

Maybe they're monitoring reactions to this announcement before they put more money into the program? Otherwise I don't see how this is supposed to make any difference to their problem.

[1] https://www.burlingtonfreepress.com/story/money/2016/07/21/v...

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#19

Post by jackhack »

For many, this won't even begin to offset the increase in income and property taxes from this notoriously high-tax state. Individual or business, you're likely to pay more.

http://money.cnn.com/gallery/smallbusiness/2012/10/15/state-...

>>The income tax has a top rate of 8.95%. This ranks as the sixth-highest in the U.S., although it only applies to taxpayers making over $413,350 per year. Meanwhile, total state and local sales taxes range from 6% to 7%.

>>There are five income brackets. The highest marginal rate is 8.95% on any income over $388,350. That's on top of federal income taxes.

>>Businesses pay an effective property tax rate of 5.27%, the third highest in the country.

>>At 6%, sales taxes are also on the high side. Meanwhile, those businesses that pay corporate taxes get hit with an 8.5% rate for any profit made above $25,000.

Re: Vermont will cover $10K of expenses for people who move there and work remotely

#20

Post by vthallam »

1024core wrote: post #13

This sounds more like a publicity stunt than an actual attempt at solving the problem. Having said that: I've been to Vermont in the Fall, and it. is. stunning.

Fall and Summer are really great! Winter sucks unless you are into skiing.
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