Category: Taxes
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Index Minimum Wage? Do the Tax Code, Too.
By Steve Haner One bill that certainly is heading for Governor Glenn Youngkin’s desk is the increase in the state’s minimum wage to $15 an hour as of two years from now. Both versions, House Bill 1 and Senate Bill 1, raise it to $13.50 for next year, with the $15 level kicking in a…
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Congratulations, Virginia, You’re Now a High Tax State.
As the debate plays out over Governor Glenn Youngkin’s tax restructuring plan, which includes $1 billion in tax relief over the next budget biennium, rest assured that the opposition party will attack it as a heartless attack on poor and marginalized Virginians with their illimitable unmet needs. In that context, it is worth remembering Virginia’s…
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How Not To Do Tax Reform. Again.
By Steve Haner According to the Richmond Times-Dispatch, Governor Glenn Youngkin’s administration had its first formal discussion with Virginia’s local governments about eliminating their car tax collections two days after he announced it publicly. The General Assembly convenes Wednesday and if there is a plan to replace the $2.8 billion in local government revenue raised…
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Richmond’s Meals Tax Disaster
by Jon Baliles (These reports were published first by RVA 5×5 and are republished here with permission.) Starting about 25 years ago, Richmond’s restaurant scene began its ascent into the local consciousness as our region’s favorite (and only) professional sport. Offerings expanded and ventured into new directions and opened peoples eyes and expanded our tastes;…
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At Last, Something Bold from Youngkin
by James A. Bacon Governor Glenn Youngkin has always fought for lower taxes, but his proposals — one-time rebates, tinkering with tax schedules — never captured the imagination. Speaking before the House and Senate Finance Committees today, he rolled out two initiatives that you don’t need a tax preparer to understand. Proposal #1: a 12%…
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The Mailman Did It
by Jon Baliles They say bad news comes in threes, and this week is no exception for news from the City of Richmond’s Finance Department. This week wasn’t just raining; it has been a monsoon when it comes to sloppy administrative work, penalties, interest, and deflecting blame. Madison McNamee with NBC12 filed a story last…
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Virginia’s Final (Maybe) RGGI Tax Grab: $97M
by Steve Haner Virginia has participated in its final (for a while anyway) Regional Greenhouse Gas Initiative auction and the proceeds on the carbon tax set a new record, with Virginia collecting more than $97 million in one swoop. The total carbon tax take for the state is just under $828 million in three years.…
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Tomorrow’s Ballot Question: Will Virginia Become Illinois?
by Derrick Max It was reported last week that billionaire Illinois Governor J.B. Pritzker had made substantial campaign contributions totaling $250,000 to four liberal Democrats running for Virginia State Senate and the Democratic Party of Virginia. These donations, made through Governor Pritzker’s “Think Big America” organization, are the clearest sign yet that the left wants to…
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Democrats, Judges, and Higher Taxes
from Liberty Unyielding For generations, Washington State had no state income tax, because of anti-income tax provisions in its state constitution. But the Washington state supreme court recently upheld a classic example of an income tax — a state tax on income from capital gains — by making the absurd argument that a capital gains tax…
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Court Blocks Pennsylvania from Joining RGGI
by Steve Haner A state court in Pennsylvania has ruled that the regulatory decision to enroll that state in the Regional Greenhouse Gas Initiative (RGGI) exceeded the authority of state regulators. It ruled RGGI is a tax that could only be lawfully imposed by the legislature. It was the Republican majority in one of the…
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Virginia Set to Help Taxpayers for a Change
from The Republican Standard Good news for Virginia taxpayers. In the coming weeks, several hundred dollars are heading back into the pockets of eligible Virginians. Up to $400 per household will be heading to mailboxes and bank accounts across the Commonwealth thanks to a surplus in the state budget recently signed by Governor Glenn Youngkin.…
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Voters Will Decide Virginia’s Future Direction
by Derrick Max In two weeks, the people of Virginia will decide on two competing visions for the future of Virginia. Will they elect a General Assembly favoring Governor Glenn Youngkin’s more freedom-oriented policy vision, or will they elect a General Assembly returning the Commonwealth to the statist policy vision of former governors Terry McAuliffe…
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How Pass Through Tax Rules Raid the U.S. Treasury
By Steve Haner When the General Assembly was briefed on the state’s financial status last week, the $412 million in unexpected revenue growth was dismissed as potentially misleading because of some new quirk in Virginia tax law called the Pass Through Entity Tax or PTET. PTET keeps coming up in these discussions. Approval of the…
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The High Stakes in Virginia’s Very Close Nov. 7 Election
from Liberty Unyielding Virginia is holding a very close election. The last day to vote is on Tuesday, November 7. If you live in Virginia, you can also vote early, at specified locations, on Monday through Friday, from September 22 to November 3, or on Saturday, October 28 or November 4. Voters are almost evenly…
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Youngkin Team Cautious Despite Revenue Surge
by Steve Haner First published this morning by the Thomas Jefferson Institute for Public Policy. Virginia’s state budget grew 90% in the past decade, far faster than in previous decades. After adjusting for inflation and population changes, spending still jumped 4% each year, a high rate of compound real growth. At the same time, the…