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It's more than just the taxes though, because not only are they high, but the salaries are significantly lower than just about every other major metropolitan area in the country, with a relatively similar cost of living to those places (at least comparing Chittenden County/the greater Burlington area).

Did some investigating when this was initially announced and we were considering moving.

Like most anywhere else, desirable areas(good schools, near water, access to public services) in Vermont are just as expensive as elsewhere, on top of the high income taxes.

I believe the OP is referring to the fact that you have to relocate their first to find out if you qualified. In other words there is a risk involved. What does that have to do with quality of life metrics?

My initial assumption was that the purpose of such a program was to attract new residents.

If that's not the case, what purpose does the program serve?