Category Archives: Taxes
Virginia Should Not Tax Income If Washington Doesn’t
In 1972, a Virginia taxpayer needed a taxable income of $12,000 before the state’s maximum income tax rate kicked in. Adjusted for inflation, that threshold should be $78,000 today. There has been one adjustment since, to $17,000 in income before … Continue reading
Time to Cut Taxes
If Virginia ended the fiscal year June 30 with a general fund cash surplus of $2 billion, almost 10 percent of its annual budget, that means taxes are too high. Period. The debate for the 2021 political season should be how to cut taxes, and how much. Continue reading
Northam Administration Still Avoiding Discussion of TCI
Why do Virginia’s leaders run away from the Transportation and Climate Initiative? Could it be because the first state legislature to consider it, in reliably Democratic Connecticut, just adjourned without even taking a vote on the proposed carbon tax compact, despite strong support from Democratic Governor Ned Lamont? Continue reading
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