Gov. Glenn Youngkin‘s proposal to cut income taxes and raise the sale tax didn’t survive its first test in the General Assembly on Thursday, as a Senate subcommittee recommended carrying over the legislation until next year and leaving it to a joint tax policy subcommittee to consider.
The deal includes more than $900 million in tax cuts, almost all of it through one-time payments of $200 to individual taxpayers and $400 to couples filing jointly.
It does not include cuts in the corporate and individual tax rates that Gov. Glenn Youngkin had proposed, but it would raise the standard deduction for taxpayers who don't itemize their deductions by half of what the governor had sought and would eliminate the age limit on a new exemption for military retirement income.
House Minority Leader Todd Gilbert, R-Shenandoah, says Democrats have "impugned" the governor and should not take offense when he criticizes their agenda.
$1 billion in tax cuts: 4 things to know about the state budget deal
General Assembly budget leaders have reached an agreement that ends a six-month standoff on revisions to Virginia's two-year budget.
The deal includes more than $900 million in tax cuts, almost all of it through one-time payments of $200 to individual taxpayers and $400 to couples filing jointly.
It does not include cuts in the corporate and individual tax rates that Gov. Glenn Youngkin had proposed, but it would raise the standard deduction for taxpayers who don't itemize their deductions by half of what the governor had sought and would eliminate the age limit on a new exemption for military retirement income.
House Minority Leader Todd Gilbert, R-Shenandoah, says Democrats have "impugned" the governor and should not take offense when he criticizes their agenda.
