- The House budget doubles the standard deduction. The Senate does not. Instead, the Senate wants to “study” the proposal – which, in plain English means, “delay until we’ve spent the money and there’s none left to return to the taxpayers.”
- The House budget would save almost $520 to the average couple, each and every year. The Senate would not.
- State government is projected to take in $15.5 billion more than budgeted for. The House budget would return $5.3 billion of it over two years, leaving $10 billion for the state to spend. The Senate budget returns only $2.5 billion.
- Even so, the House still projects a 26 percent budget increase. The Senate, unsatisfied, wants a 33 percent increase in the budget.
The case for tax reduction is equally clear: Across America, spurred by an influx of tax revenue, states are lowering taxes significantly. But look at a list of the 22 states with changes, and you will not find Virginia on it. Virginia is in competition with those states, and without tax changes we will lose.
Please contact your Senator and Delegate now with a simple message: “I urge you to support doubling the standard deduction for Virginia taxpayers by supporting the House budget. It is a tax cut for every working Virginian.” You can find out the name and contact information for your elected officials by clicking here.
This is not a “tax cut for the wealthy.” It’s a tax cut for every Virginian who works and pays taxes. It will foster new job creation. And fighting for meaningful, long-term tax reduction is the birthright of conservatives and, well, frankly of Virginians.
Source: The Thomas Jefferson Institute for Public Policy