Proposals from the Commonwealth Institute for Fiscal Analysis would provide relief for low-income Virginians and could fund the increases in public school funding that members of the new Democratic majorities in the General Assembly want.
One, a tax credit refund, has played the role of bargaining chip in the past between Democrats and Republicans, who like Governor Glenn Youngkin, say Virginians are over-taxed. They say that more tax relief is needed to help them deal with rising cost of living and to encourage businesses to expand or move here - especially now that the General Assembly money committees have heard forecasts that state revenue growth won't keep pace with state spending wish lists.
And taxes will be one of several issues - from marijuana, to minimum wage increases, to paid family leave, to gun control measures - that will test what will be the pattern in the 2024 General Assembly session. Will it feature the governor’s power to veto or pocket legislation, or his efforts to seek compromise between his views and the legislature's?
The Commonwealth Institute, which focuses on budget and legislative issues that affect working and lower-income Virginians, is proposing a new top income tax bracket for incomes over $1 million; income above that level would be taxed at 10%. Currently, Virginia’s top 5.75% rate kicks in for income above $17,000.
The institute said this would generate an additional $1 billion a year which could be earmarked for public...
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