Republicans in the Va. House of Delegates passed $1 billion in tax cuts requested by Gov. Glenn Youngkin (R), but Democrats in the Senate are pumping the brakes
RICHMOND — Democrats in the state Senate tapped the brakes Wednesday on Gov. Glenn Youngkin’s proposals for $1 billion worth of tax cuts, a day after Republicans in the House of Delegates gave them a vote of approval.With the package probably headed for horse trading and compromise later in the legislative session, Youngkin tried the hard sell this week — making campaign-style pitches to drum up public support.
Reducing the corporate tax rate to 5 percent from 6 percent; increasing a deduction for small businesses; increasing the standard deduction for individuals to $9,000 from $8,500, and double that for married couples filing jointly; and decreasing the top marginal tax rate to 5.5 percent from 5.75 percent.
All passed on party-line votes, with Democrats arguing against tax relief for the wealthy or corporations. Instead, Del. Vivian E. Watts tried to introduce a substitute bill that would increase the standard deduction for individuals even more while nixing the corporate tax cut. She also proposed making the earned income tax credit fully refundable, aimed at benefiting low-income working families.
But Del. Joseph P. McNamara , who sponsored two of the major tax-cut bills, said the state has been overtaxing residents. “So at what point is enough, enough?” he said during debate. “At some point if the government takes all of the money … then the very people we are trying to help are the people that are being hurt.”
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