Author Archives: Stephen D. Haner
With Tax Revenue Exploding, Virginia Should Boost Standard Deduction, Index for Inflation
One of the big financial winners with the May 1 Virginia minimum wage increase is the state itself, because the entire raise is subject to a 5 percent state income tax. With its low standard deduction and personal exemption amounts, … Continue reading
Northam Tax Harvest Expands Again
With the release yesterday of the April 2021 Virginia state revenue report, covering ten months of the fiscal year, a correction in an earlier report becomes necessary. Continue reading
Virginia Tax Structure Better for Mature Firms than for Start-ups
Virginia is far more tax friendly to established businesses than it is to new ones. That is one major conclusion of a major state-by-state business tax comparison released Wednesday (here) by the Tax Foundation and KPMG LLC. In neighboring North … Continue reading
Northam Tax Hikes Squeeze Virginia Businesses and Individuals
With Virginia’s fiscal year now three-quarters complete, and basically one year since the depths of the COVID-19 recession, state tax revenues are soaring. Despite reports that the boom results from the economic rebound, it remains clear that changes in tax … Continue reading
Fuel Tax and Caps Detailed in TCI Model Rule, Now Open for Public Comment
Read the governing document for the Transportation and Climate Initiative and it becomes clear there is more going on than just an effort to reduce motor fuel use with a combination of taxes and shrinking caps. That may really be a secondary goal. Continue reading