June 4, 2018

The Commonwealth Institute: On Federal Tax Changes, Virginia Should Continue to Conform

ITEP Work in Action

Although some filers would pay more in state taxes under conformity, many of the highest-income filers – the top one percent – will receive large state tax cuts. This is in addition to also receiving a large federal tax cut. Recent analysis of the effects in Virginia shows that the top 1 percent will receive larger federal tax cuts than the bottom 60 percent of households combined.

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