Richmond, Virginia—Governor-elect Glenn Youngkin announced tax cuts that would decimate critical programs our families count on. Essential lifelines like schools, safety net programs, and health care access will be massively under-resourced under Youngkin’s tax plan. We need a Governor who will fix our upside-down tax code and ensure low and middle income families aren’t paying more than their fair share of taxes.
“Virginia families deserve to have the resources they need to thrive. All of us rely on vital services like our schools, roads, and healthcare systems. Glenn Youngkin’s plan threatens to drastically alter the lives of our hardworking community members,” Vanessa Clinton, Press Secretary at Progress Virginia, said. “Youngkin wants to make these drastic cuts in programs not because it will be good for working families, but because it will benefit him and his rich friends. We need a tax policy that benefits all of us, not just rich white men like Glenn.”
“Gov.-elect Glenn Youngkin is proposing tax cuts and changes to Virginia’s taxation system that experts say would severely underfund the commonwealth in education, transportation and social services.”
“According to the non-profit, non-partisan tax policy organization the Institute on Taxation and Economic Policy, these cuts and changes to Virginia’s tax system would cost the commonwealth about $2.9 billion in revenue annually.”
“Grocery items in Virginia currently carry a 2.5% tax, which is a lower rate than the general sales tax in the commonwealth. Most of that revenue, 80%, is split between supporting K-12 education and local governments, according to Chris Wodicka, senior policy analyst at The Commonwealth Institute for Fiscal Analysis. The remaining 20% is directed towards transportation needs in the commonwealth.”
“If that funding is cut, ITEP estimates that K-12 education and transportation initiatives in Virginia will each lose $227 million in revenue annually. Transportation revenue, according to the institute, will also lose about $114 million if the grocery tax cut is approved.”