Virginia
Sales Tax Holidays: An Ineffective Alternative to Real Sales Tax Reform
• By Marco Guzman
Lawmakers in many states have enacted “sales tax holidays” (20 states will hold them in 2022) to temporarily suspend the tax on purchases of clothing, school supplies, and other items. These holidays may seem to lessen the regressive impacts of the sales tax, but their benefits are minimal while their downsides are significant—particularly as lawmakers have sought to apply the concept as a substitute for more meaningful, permanent reform or arbitrarily reward people with specific…
The Tax Legislation Debated in Congress Would Reduce Inflation and Help Americans Deal with Rising Costs
• By Steve Wamhoff
Opposing a fully paid-for spending bill because of inflation concerns does not make any sense. Opposing a deficit-reducing bill because of inflation is absurd.
ITEP: Tax and Climate Provisions Are What Americans Want and Need
• By Amy Hanauer
In response to conflicting reports on negotiations with Sen. Joe Manchin of West Virginia on tax increases and climate provisions, Amy Hanauer, ITEP Executive Director, released the following statement: Sen. Joe Manchin may be uncertain about higher taxes on the rich and corporations, but the American people are not. Large majorities of Americans support the tax […]
State Rundown 7/13: Let’s Make a Deal
• By ITEP Staff
From the Bay State to the Golden State, lawmakers across the nation are making deals and negotiating budgets with major tax implications...
No Reason to Water Down the Tax Reforms in the Build Back Better Act
• By Steve Wamhoff
There is no justification for recently reported efforts to scale back the tax reforms in the Build Back Better Act, a bill passed by the House of Representatives in November that would raise significant revenue and make our tax code more progressive by enacting widely popular proposals. (See ITEP’s report on the BBBA.) Of course, […]
State Rundown 6/22: Southern States Edition
• By ITEP Staff
With many state legislative sessions wrapped or wrapping up, we at ITEP want to take a moment to direct your attention south, and specifically, to the American South...
Creating Racially and Economically Equitable Tax Policy in the South
• By Kamolika Das
The South's negative outcomes on measures of wellbeing are the result of a century and a half of policy choices. Lawmakers have many options available to make concrete improvements to tax policy that would raise more revenue, do so equitably, and generate resources that could improve schools, healthcare, social services, infrastructure, and other public resources.
State Rundown 6/15: States on Alert as Inflation Concerns Rise
• By ITEP Staff
With inflation dominating headlines both nationally and locally, state lawmakers around the U.S. are searching for ways to put their revenues to good use, and not surprisingly, some options are better than others...
State Rundown 6/8: Tax Policy Features Prominently During Budget and Primary Season
• By ITEP Staff
As voters head to the polls to weigh in on their state’s primary elections and legislators convene to hash out budget deals, tax policy remains atop the agenda...
State Rundown 5/25: Tax Discussions Heating Up as Summer Begins
• By ITEP Staff
While the temperature ticks up outside, the temperature in state legislatures around the country has fallen slightly. But with several states still dealing with ongoing tax and budget issues, this summer could be a hot one...
State Rundown 4/27: States Remain Active on the Tax Front
• By ITEP Staff
While tax discussions among federal lawmakers continue in fits and starts, major tax news continues to make waves across the nation...
State Rundown 4/20: New Tax Changes in Full Bloom
• By ITEP Staff
This Spring looks to be bringing a mix of showers and flowers as states around the nation continue to act on a range of tax proposals...
Some Lawmakers Continue to Mythologize Income Tax Elimination Despite Widespread Opposition
• By Kamolika Das
One of the most surprising trends this legislative session is that conservative leaders and the business community joined with progressive advocates to oppose income tax repeal plans. There is a general consensus that income tax repeal is a step too far.
State Rundown 4/13: Recent State Budgets Prove Not All Tax Cuts are the Same
• By ITEP Staff
Two prominent blue states made headlines this past week when they passed budget agreements that include relief for taxpayers, and fortunately, the budget plans don’t include costly tax cuts that primarily benefit the wealthy...
State Rundown 4/6: Late-Session Surprises Pt. 2
• By ITEP Staff
Last week we highlighted how several states were pushing through regressive tax cuts as their legislative sessions are coming to a close. Well, this week many of those same states took further actions on those bills and it’s safe to say we’re even less impressed than before...
Frequently Asked Questions and Concerns About the President Billionaires’ Minimum Income Tax
• By Steve Wamhoff
Find the answers to some frequently asked questions about President Biden's Billionaires’ Minimum Income Tax, which would limit very wealthy individuals’ ability to put off paying income taxes on capital gains until they sell assets.
Washington Post: Want to really fix Virginia’s standard deduction? Index it.
April 6, 2022
On that topic, the Institute on Taxation and Economic Policy wrote: Any feature of an income tax that is based on a fixed dollar amount will be vulnerable to inflationary effects. In many states, this means that tax breaks designed to provide low-income tax relief — including exemptions, standard deductions, and most tax credits — […]
Bloomberg: Did You Pay Your ‘Fair Share’ of Federal Income Tax This Year?
March 31, 2022
And according to the Institute on Taxation and Economic Policy, the impact would have a definite geographic tilt. The states where more than 40% of residents would face tax increases are largely in the South, including Mississippi, West Virginia, Arkansas, Louisiana, Alabama, Kentucky, Oklahoma, Georgia, New Mexico, South Carolina, and Florida. read more
State Rundown 3/30: Late-Session Surprises Leave Us Unimpressed
• By ITEP Staff
Several states have dropped a few late-session surprises, and from the looks of it, they’re not the good kind...
WVTF Radio: A gas tax holiday may not lead to savings for Virginia drivers
March 30, 2022
About a third of the savings will go to the oil industry, according to research into how this worked when Indiana and Illinois had a gas tax holiday. But that doesn’t mean Virginians will see the rest of the savings. Carl Davis at the Institute on Taxation and Economic Policy says a quarter of the […]
The Commonwealth Institute for Fiscal Analysis: Gas Tax Proposal Misses the Mark
• By ITEP Staff
Earlier this month, Virginia Gov. Glenn Youngkin announced a new policy proposal to suspend the state’s 26-cents per gallon gas tax for three months and to cap gas tax rates in future years. If enacted, this policy is likely to miss the mark on helping families in Virginia who are struggling with higher costs, while […]
Fortune: President Biden says his ‘Billionaire Minimum Income Tax’ would raise $360 billion. How does it work?
March 29, 2022
The highest likelihood is through “reconciliation” — a budget process for passing fiscal legislation with a simple majority of Senate votes. That will require buy-in from West Virginia Sen. Joe Machin and Arizona Sen. Kyrsten Sinema, who have each objected to proposals to tax the ultra-wealthy in the past. Steve Wamhoff, director of tax policy […]
State Rundown 3/23: Spring Brings More Tax Happenings
• By ITEP Staff
Spring is around the corner and like those pesky allergies that come along with it, equally pesky tax proposals continue to pop up in states across the U.S....
State Rundown 3/16: The Scramble to Curb Rising Gas Prices is On
• By ITEP Staff
Rising gas prices have lawmakers around the country searching for ways to ease the pressure on consumers and almost half the states are considering reducing or temporarily repealing their gas tax, but another idea is taking hold...
State Rundown 3/9: One State Stands Out Amid the Avalanche of Tax Cuts
• By ITEP Staff
The avalanche of regressive tax-cut proposals coming out of state legislatures has not slowed over the course of the winter months, but one state has provided a shot of hope to advocates of tax equity...
