Conforming to Trump’s Tax Bill Would Save Virginians $1.4 Billion More
Should the 2026 Virginia General Assembly choose to conform state tax laws to the full set of new tax rules at the federal level, Virginia families and businesses might save as much at $1.4 billion annually. That is a fresh estimate from the Tax Foundation, which looked at the impact of full conformity in all 50 […]
Two Tax Reforms a Stalemated General Assembly Could Agree To
During his four-year term, tax reductions approved by Governor Glenn Youngkin (R) will save Virginians just under $8 billion, and approximately $1.5 billion or more in additional annual savings after he departs. Most of the rule changes that have produced these benefits occurred in the 2022 and 2023 General Assembly sessions. Then in 2024 the […]
Youngkin Budget 2.0 Meets Democrat Demands, Except Demand to Raise Taxes
The fight that is about to occur at the Assembly’s reconvened session on Wednesday is entirely about taxes, not about spending. An analysis of Governor Glenn Youngkin’s proposed compromise budget – done by the Democrats’ favorite financial bean counters, not by conservatives – confirms his budget comes extremely close to the spending levels Democrats approved […]
Index Minimum Wage? Do the Tax Code, Too
One bill that certainly is heading for Governor Glenn Youngkin’s desk is the increase in the state’s minimum wage to $15 an hour as of two years from now. Both versions, House Bill 1 and Senate Bill 1, raise it to $13.50 for next year, with the $15 level kicking in a year later. Both bills are now […]
Don’t Let Partisanship Stop Serious Tax Reform
The American linguist Yogi Berra once said of a New York City restaurant: “Nobody goes there anymore. It’s too crowded.” Overcrowding, however, isn’t what motivates a move to a state (or from a state). Those decisions are inspired by robust economic activity, jobs for residents, and a pathway for each generation to do better than their parents did. People move […]
Governor Youngkin Joins the “No Car Tax” Movement
During Governor Glenn Youngkin’s budget submission to the General Assembly, he called for the elimination of the single most hated tax in the Commonwealth — the car tax. He is right, the car tax is very unpopular. Back in 1997, Jim Gilmore made the elimination of the car tax the center of his long-shot campaign for […]
House should hold the line on tax cuts
“You got to know when to hold ‘em, know when to fold ‘em,” country singer Kenny Rogers sang in his classic hit, The Gambler. In other words, playing a winning hand is just as important as cutting your losses. Members of the House of Delegates should remember that bit of homespun wisdom when it comes to […]
Deadlocked Again on Taxes vs. Spending
We have seen this before in Virginia and here we go again: the classic conflict between tax cuts for the many versus more government spending for a few. The Republican-dominated House of Delegates has passed a series of broad tax reductions, while the Democratic-dominated Virginia Senate has killed its versions of the same bills. Last […]
Five Reasons for Supporting Youngkin Tax Plan
Last week, the Republican majority in the Virginia House of Delegates passed a $1 billion package of tax cuts for individuals and businesses, the centerpiece of Governor Glenn Youngkin’s economic agenda. But Democrats, who have a two-seat majority in the state Senate, have a laundry list of policies and programs they would prefer to spend […]
Time to index Virginia income taxes to inflation
Inflation is eroding the value of each dollar earned by Virginians, making it harder for them to afford decent housing, put food on the table and educate their children. But what many Virginians don’t know is that they have also been paying more in state income taxes while their real income has declined because the […]