The cuts would be on top of $4 billion in tax reductions the General Assembly approved and Youngkin signed into law earlier this year. They would hit at a time when Youngkin said he expects the national economy to face a downturn or even recession, a prospect that many lawmakers have said makes them leery of reducing state revenue.
Youngkin also would decrease the top marginal tax rate to 5.5 percent from 5.75 percent, a savings for higher income earners that would come at a cost to the state of $330 million in the current budget and $700 million per year thereafter, according to Youngkin administration staff estimates. Youngkin outlined his proposals Thursday morning to members of the General Assembly’s money committees, who will consider them as amendments to the state’s two-year spending plan when the legislature convenes its next session on Jan. 12.
More tax benefits for the wealthy and their corporations! Gee, what a surprise!
Super wealthy Governor lines own pockets.
Removing money from the state budget is totally a competitive advantage. 🤦🏻♂️🤦🏻♂️
Tax decrease for wealthy while increasing spending that poor ppl have to pay for. Yeah I hope the state smacks him down
Nobody reads the Washington post just delete your twitter…
You’d think by now everyone would realize that the Republicans consistent plans to give rich people more money doesn’t help anyone but rich people.