Virginia’s income tax rates have not been cut since they were established 45 years ago.
That means the income tax rate has not changed since Roberta Flack’s “The First Time I Ever Saw Your Face” was the biggest hit on the radio, and The Godfather was number one at the box office. In 1972, Richard Nixon and George McGovern were on the ballot.
A lot has happened in 45 years. Shouldn’t Virginians have seen a major tax cut in that time?
Ed thinks so. He introduced the “Cutting Taxes for ALL Virginians” Plan to cut the income tax rate by ten percent across-the-board. For a family of four, that means nearly $1300 back in their pockets.
His plan will also put the Commonwealth on a path toward meaningful local business tax reform. Virginia needs to reform its antiquated, patchwork system of local business taxes. The BPOL Tax, the Machinery & Tools Tax, and the Merchant’s Capital Tax are vestiges of a prior era when Virginia’s economy was growing by leaps and bounds despite these impediments to business growth, but that just isn’t the case any longer. Our localities should work to replace these job-killing, growth-stunting taxes with pro-growth alternatives.
Ed’s plan will spark natural, organic economic growth to diversify our Virginia economy. According to an economic analysis, this plan will create 53,000 new full-time private-sector jobs in five years. Virginia’s economy should be oriented toward start-ups and scale-ups, entrepreneurs, and small businesses to make Virginia more competitive. Ed believes that is the key to sustainable, long-term job creation.
In 45 years, Virginia’s economy should be diverse and thriving. Virginia should be known internationally as a hub for start-ups and innovation. Our economy shouldn’t be dependent on federal spending. Virginia should be at the top of the best states to live and do business. Virginians who have grown up here should stay here, because it is the best place to live, work and raise a family.
Ed’s tax plan will take major steps toward that goal.