Gov. Youngkin looks to tax relief for Virginians
On Feb. 18, Gov. Glenn Youngkin sent a letter to Delegate Barry D. Knight and Senator Janet D. Howell to inform them of a revised revenue forecast that estimates the Commonwealth will collect $1.25 billion more in the current fiscal year, on top of the additional $3.3 billion added to the original forecast added last December.
“This is a staggering number, the largest mid-session reforecast in anyone’s memory. The stunning amount of money being collected from taxpayers is the direct result of over taxation.
On Feb. 18, Gov. Glenn Youngkin sent a letter to Delegate Barry D. Knight and Senator Janet D. Howell to inform them of a revised revenue forecast that estimates the Commonwealth will collect $1.25 billion more in the current fiscal year, on top of the additional $3.3 billion added to the original forecast added last December.
“This is a staggering number, the largest mid-session reforecast in anyone’s memory. The stunning amount of money being collected from taxpayers is the direct result of over taxation.
On Feb. 18, Gov. Glenn Youngkin sent a letter to Delegate Barry D. Knight and Senator Janet D. Howell to inform them of a revised revenue forecast that estimates the Commonwealth will collect $1.25 billion more in the current fiscal year, on top of the additional $3.3 billion added to the original forecast added last December.
“This is a staggering number, the largest mid-session reforecast in anyone’s memory. The stunning amount of money being collected from taxpayers is the direct result of over taxation.
“Put simply, without significant tax relief, the Commonwealth’s general fund collections will grow by over 40 percent between 2018 and 2024. In the next few weeks, as we put together a bipartisan budget agreement before the March 12 deadline to adjourn, it is clear that we must return money to taxpayers to relieve the pressures of inflation and economic uncertainty felt by families and businesses,” wrote Youngkin.
“Of the roughly $13.4 billion in unanticipated revenue the state will collect in this budget cycle, I am asking the General Assembly to return $4.5 billion to taxpayers. That leaves nearly $9 billion in new revenue to invest in schools and teachers, law enforcement, behavioral health, and the other important priorities of the General Assembly. I am confident that we can provide tax relief for Virginia families and invest in our shared priorities.”
“Put simply, without significant tax relief, the Commonwealth’s general fund collections will grow by over 40 percent between 2018 and 2024. In the next few weeks, as we put together a bipartisan budget agreement before the March 12 deadline to adjourn, it is clear that we must return money to taxpayers to relieve the pressures of inflation and economic uncertainty felt by families and businesses,” wrote Youngkin.
Comments
Any name-calling and profanity will be taken off. The webmaster reserves the right to remove any offensive posts.
Please consider allowing Northern Virginia counties to retain more of their collected sales tax than the current composite index provides for. We already charge ourselves a tax rate over 4 times more than the southern counties that now take our proceeds disproportionately. We have unique interstate problems that southern counties do not have to deal with and many of our citizens have to work multiple jobs to generate the income that the state seems to assume is wealth!