Virginia’s most effective tax collector is inflation. Virginia’s long refusal to adjust any element of its income tax for slow but constant inflation means that each year, a slightly higher percentage of your growing income is taxed, and the rising costs of living shrink the value of the standard deduction...
The City of Bristol, having mortgaged its future with a failed mall development project, is betting on another big-ticket project: a proposed $150 million casino with accompanying hotels, conference center, retail, and restaurants built at the failed mall location. The backers assert that the Bristol Resort and Casino would create...
(Editor’s Note: Chester Finn has a long and distinguished career in education, academe and government. He is currently Distinguished Senior Fellow and President Emeritus at the Thomas B. Fordham Institute and Senior Fellow at Stanford’s Hoover Institution. More importantly, he recently completed his term as member of the Maryland State...
The Thomas Jefferson Institute has proposed a tax plan that would double the standard deduction, phase in a reduction of the corporate income tax, index Virginia’s individual tax brackets, personal exemptions and standard deduction to inflation, and create a mechanism to track and segregate additional revenue resulting from federal tax...
“Our tax code should work for everyone – not just for the highest earners. That’s only fair. But Washington is actually making these disparities worse” Governor Ralph Northam• “State of the Commonwealth” Address Actually, it’s the other way around. The federal Tax Cuts and Jobs Act (TCJA) put a cap...
Things move rapidly at the Virginia General Assembly, but one week into the 2019 session there is no hint of a decision on how Virginia will respond to federal Tax Cuts and Jobs Act of 2017, which happened 13 months ago. Fifteen bills propose tax policy changes to protect taxpayers...
The Virginia General Assembly, the New World’s oldest continuous lawmaking body, began its 400th year amid pageantry and an unintended tax increase on which, thus far, that body has had no say. The House’s ceremonial mace, a symbol of the legislature’s prerogative, was escorted into the chamber by a company...
As a result of recent federal tax changes, Virginia taxpayers will pay an additional $1.2 billion in state income taxes this year and next, rising to $4.5 billion in additional taxes by 2024. In late December, the Thomas Jefferson Institute released the results of a poll it commissioned asking voters...
As a result of recent federal tax changes, Virginia taxpayers will pay an additional $1.2 billion in state income taxes this year and next, rising to $4.5 billion in additional taxes by 2024. Now, a new poll conducted for the Thomas Jefferson Institute for Public Policy by Mason-Dixon Strategies shows...
Recent federal tax cuts put more money into the pockets of most Virginia families to the tune of some $1200 to $1400. But a good part of that could soon be taken away by our elected officials when the General Assembly meets in January. When the General Assembly votes to...
