By Derrick Max
Governor Glenn Youngkin (R) presented his budget amendments to the the legislature’s money committees yesterday.ย The speech was filled with budget amendments to reduce taxes and fund new or existing programs. These tax cuts and additional spending proposals were made possible by Secretary of Finance Stephen E. Cummings’ report that the Commonwealth was again sitting on massive surpluses.

Specifically, Secretary Cummings reported that General Fund revenues have reached a record high, well above original forecasts.ย ย
When combined with FY24 surplus revenues, year-end agency balances, and other revenue, the Commonwealth has a current and projected surplus of $4.7 billion.ย The forward-looking revenue projections are driven by continued strength in employment and wages.
Setting aside that this means Virginians have again been severely overtaxed, Governor Youngkin proposed several amendments that have been top priorities of the Thomas Jefferson Institute for a long time. Below is a quick summary of those proposals based on what we know so far.











