The ten percent across-the-board cut would be the first income tax rate cut since rates were established; plan means nearly $1,300 more for a family of four and would lead to 50,000 new full-time private-sector jobs
RICHMOND, VA – Longtime conservative leader, 2014 U.S. Senate nominee, and 2017 Republican candidate for governor Ed Gillespie released his “Cutting Taxes for ALL Virginians” Plan on Thursday, the first in series of major policy rollouts throughout the campaign. Gillespie’s plan calls for a ten percent across-the-board cut in Virginia’s individual income tax rates, the first income tax rate cut since rates were established in 1972. Once enacted, the plan will put nearly $1,300 more back into the pocket of a family of four and create more than 50,000 new full-time private-sector jobs. The full plan can be found here.
“Virginia families are feeling the squeeze, our approach to economic development is antiquated and tired, and Virginia is losing ground to other states. We’ve got to turn things around,” said Gillespie. “The ‘Cutting Taxes for ALL Virginians’ Plan is the centerpiece of a sweeping, substantive agenda we will lay out this year to turn our economy around by emphasizing natural, organic economic growth instead of a top-down government approach that picks winners and losers with our taxpayer dollars. This plan cuts individual income taxes by ten percent across the board for the first time since the rates were established in 1972. The plan means nearly $1,300 more in the pocket of a family of four, would diversify our economy by helping start-ups and scale ups, and create more than 50,000 new full-time private-sector jobs.”
“Ed Gillespie is advancing a desirable, thoughtful, and responsible tax reform plan that will make Virginia more competitive, foster private-sector job creation, and allow all tax paying small business owners, individuals, and families to keep more of the money they have earned,” said Former Governor and U.S. Senator George F. Allen, who serves as Gillespie’s Honorary Policy Co-Chair. “Ed Gillespie’s plan will ultimately save a typical family household nearly $1,300. That’s truly meaningful tax relief for all taxpayers and will lead to a more vibrant Virginia economy.”
“Republicans in the General Assembly have worked hard in recent years to put Virginia on fiscally-sound footing and lay the groundwork for exactly the kind of tax cut that Ed Gillespie is laying out,” said Speaker-designee M. Kirk Cox (R-Colonial Heights). “This responsible plan demonstrates Ed’s deep understanding of our economy and the state budget. The plan cuts taxes for all Virginians, creates long-term private-sector job growth, and responsibly protects Virginia’s existing commitments to core services. It’s smart, balanced, and exactly what we need.”
Senator Mark Obenshain (R-Rockingham) said, “Ed Gillespie’s bold plan for an across the board tax cut demonstrates his commitment to governing through conservative principles. A tax cut like this will make a meaningful difference to hard working Virginia families. It also sends a loud and clear message that Ed Gillespie is serious about restoring Virginia’s position as the best state in the country to do business.”
Speaking about the local business tax reform section of the plan Fairfax Supervisor Pat Herrity said, “Ed’s plan recognizes the difficult choices that localities have been forced to make while trying to build innovative local economies with a decades-old tax structure. He’s serious about partnering with local leaders to find a path that allows us to eliminate job-killing taxes in a fiscally-responsible way. This is the first local business tax plan I’ve seen from a statewide candidate that can actually work.”
Cutting Taxes for ALL Virginians Plan
The Plan in 30 Seconds
- Provides the FIRST income tax rate cut since rates were established in 1972
- Cuts individual income tax rates by ten percent across-the-board, putting nearly $1,300 per year back into the pocket of a family of four
- Sparks natural, organic economic growth to diversify our economy and create more than 50,000 new full-time private-sector jobs in five years
- Puts Virginia on a path toward meaningful local business tax reform
- Phased-in over three years and fully funded within existing revenue growth to ensure core government services are protected, preserving $2 billion in projected revenue growth for spending over five years
Click here to read the full plan, watch the explainer video, and to get answers to frequently asked questions:
https://edforvirginia.com/taxcut