The Commonwealth Institute: We Need More than Wishful Thinking: A Closer Look at the Candidates’ Tax Plans
ITEP Work in ActionIssue platforms by the current candidates for Virginia Governor, including Republican candidate Ed Gillespie, Libertarian candidate Cliff Hyra, and Democratic candidate Ralph Northam, include proposals to modify or eliminate Virginia’s local business taxes, modify Virginia’s individual income tax, and eliminate the state portion of Virginia’s sales tax on groceries. All of these proposals would reduce local or state revenue collections. Given Virginia’s tight budget situation, when discussing the tax cuts it’s important to also discuss what public services would be eliminated or reduced or what sources of revenue will be raised to pay for them.
…New analysis by the Institute on Taxation and Economic Policy (ITEP) using their microsimulation model shows the impact of these income tax proposals on low-, moderate-, and high-income Virginia households.