Intern Spotlight: Carl J. Barton

January 24, 2025

Intern Spotlight: Carl J. Barton

Name: Carl J. Barton

College: Saint Michael’s College

Field of Study: Majors in Political Science and Business Administration; Minors in Psychology and Criminology

Anticipated Graduation: 2027

Hometown: Grafton, New Hampshire

What past or current experiences have prepared you for your internship with the Vermont Chamber of Commerce?

I was Student Government President all through high school, with that trend continuing into college. I had a part-time job with a law firm, took various political science courses and was involved in Model UN.

What are you most looking forward to/what do you enjoy the most as part of your internship experience? What skills are you developing?

I’m excited to network and collaborate with different members of legislation and community leaders across Vermont, as well as experience a true government position from a personal viewpoint. Furthermore, I’m currently strengthening my skills of interpreting important information and analyzing it to see long term effects and nuances of that information.

What are your plans for after college?

After college, I’m interested in possibly attending law school or pursuing an experience in legislation of some kind!

Anything else that potential employers should know about you?

I consistently work to make sure whatever is needed of me is completed and strive to exceed expectations.

Contact Info:

cbarton@mail.smcvt.edu

https://www.linkedin.com/in/carlbarton/

January 24, 2025

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Small Group and Individual Health Care Markets to Remain Unmerged

January 24, 2025January 24, 2025

Small Group and Individual Health Care Markets to Remain Unmerged

The House Health Care Committee has taken a critical step to protect small businesses from absorbing the higher costs associated with the individual health insurance market by ensuring the small group and individual markets remain permanently unmerged.

This issue has been a focus of the Vermont Chamber for several years. In prior sessions, the Vermont Chamber helped advocate for the markets to remain unmerged, as long as enhanced federal subsidies were available to stabilize the individual market. With those subsidies set to expire in 2025, the markets were scheduled to merge this year, which would have resulted in even higher premium increases for small businesses.

Testimony from the Department of Vermont Health Access, health care organizations, and the Vermont Chamber emphasized the importance of maintaining this separation. Keeping the markets separate helps protect small businesses from potential rate increases caused by the individual market, providing an upside in an otherwise difficult year for health insurance premiums.

The committee unanimously supported H. 35, which codifies the unmerged markets. Their swift action demonstrates a strong commitment to protecting Vermont’s small businesses and their ability to offer quality health insurance.

The Chamber will continue monitoring the progress of H. 35 through the House and into the Senate, advocating for solutions that support Vermont’s business community. Though this is an important step, a considerable amount of work remains to be done do if health care costs are to be addressed this year.

January 24, 2025

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Revenue Forecast: Vermont’s Resilient Economy and Emerging Challenges

January 24, 2025January 24, 2025

Revenue Forecast: Vermont’s Resilient Economy and Emerging Challenges

The Emergency Board met this week to review the Consensus Economic Forecast, which showcased Vermont’s strong but shifting economic landscape. Productivity remains high, supported by record-breaking stock market performance and 48 consecutive months of job growth. Workforce mobility continues to shape the labor market, with approximately 10,000 workers moving into and out of the state annually. While this activity brings opportunities, it also presents challenges for labor market stability.

State revenues are slightly above expectations, with Fiscal Year 2025 estimates showing overall collections 3.7% higher than projected. However, performance varies across major funding streams:

General Fund: Revenues exceeded expectations by 6.0%, driven by strong personal income and corporate tax collections.
Education Fund: A 2.1% shortfall stems from weaker sales and use taxes, meals and rooms taxes, and declining lottery revenues.
Transportation Fund: Revenues were 2.7% above estimates, bolstered by strong vehicle purchase activity.

Certain tax streams produced mixed results. The Childcare Payroll Tax fell behind expectations, while the Property Transfer Tax exceeded projections. Revenue from cigarette and e-cigarette sales declined but was partially offset by growth in nicotine pouches.

Adjustments to Vermont’s tax system also revealed uneven outcomes:

Sales & Use Tax: Expanding the tax to include sectors like cloud-based services underperformed expectations.
Short-Term Rental Surcharge: Marginally below projections.
Motor Vehicle Purchase & Use Tax: Surpassed targets due to pent-up demand and tariff concerns.

National trends add further complexity. A reliance on federal stimulus funds has temporarily supported Vermont’s economy, but as those funds taper off, pressure mounts for sustainable fiscal solutions. Additionally, uncertainty surrounding potential inflation, interest rates, and tax reforms under the incoming federal administration could impact the state’s economic trajectory.

The ongoing legislative session provides a critical opportunity to adjust fiscal priorities and prepare for these challenges. Vermont businesses should stay engaged in policy discussions to ensure their voices are heard. The next revenue update, scheduled for July, will offer further insight into the state’s fiscal outlook.

This forecast highlights both opportunities and uncertainties for Vermont’s business community, reinforcing the importance of adaptability and collaboration in navigating the state’s economic future.

January 24, 2025