The median income of married tax filers in the state increased an inflation-adjusted 0.8 percent in 2012 to $70,573, according to report released Tuesday by The Vermont Economy Newsletter.
The analysis is based on just-released state Tax Department data.
“The increase in median income, although small, was welcome,” said Art Woolf, who co-wrote the report with Richard Heaps. “The sluggish economic growth since the end of the recession has constrained income growth for average Vermonters.”
Heaps said of the $3,300 in family income lost during the recession, families have recovered a third, or $1,100.
Woolf and Heaps forecast that when the 2013 numbers are released at the end of this year, the numbers will show continued growth in median family income.
“Our forecast for 2013 is an inflation-adjusted gain of 1.5 percent, with a similar gain in 2014,” Woolf said. “If that holds true, then in 2014 the median income Vermont family’s income will finally get back to its 2007 level.”
Heaps added that Vermont Tax Department data are the most comprehensive data available on family income.
“All other government data sources are based on a small sample of Vermonters, whereas the Tax Department data is based on the complete universe of more than 123,000 Vermont families with both a husband and wife present who filed tax returns in 2012,” he said.
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