Personal Taxes

New research finds Glenn Youngkin’s financial plan would price 2.5 million jobs and scale back personal revenue by greater than $ 225 billion over the subsequent 10 years

From Terry McAuliffe’s campaign for Governor:

New study finds Glenn Youngkin’s economic plan would cost 2.5 million jobs and reduce personal income by more than $ 225 billion over the next 10 years
Terry McAuliffe: “The numbers tell the story: Glenn’s Trumpian Economic Plan would decimate funding for education and public safety and become a job killer in the Commonwealth.”

MCLEAN, VA – A new independent study released today found that Glenn Youngkin’s plan to abolish Virginia income tax would cost 2.5 million jobs and $ 225.5 billion in personal income over the next decade, making Virginia’s economy weak and would strain the wallets of hardworking Virginians. Jobs would be lost across the board, with 2 million jobs in state and local government, 200,000 in construction, and 60,000 in the food and beverage industry in 10 years. Over the next decade, the Youngkins Plan would also result in a loss of $ 54 billion in public school grants, following another independent study showing that the Youngkins Plan would cut more than 43,000 apprenticeship positions nationwide in just two years.

The Washington Post predicted that Glenn Youngkin’s economic plan would “dump” Virginia’s thriving economy, and this study shows that the plan would do just that. Rather than building on a strong economic recovery that landed Virginia with the largest budget surplus in the state’s history and the rank of a top state in the country, Glenn Youngkin plans to take the breaks and establish an extreme right-wing agenda that will increase GDP would decrease by billions of dollars a year – and nearly $ 200 billion over the next decade.

“I believe in Virginians, so I built my campaign around investing in our best workforce in the country and giving every child in Virginia a world-class education,” said Terry McAuliffe. “We cannot afford Glenn Youngkin to make this disastrous plan a reality. The numbers tell the story: Glenn’s Trump economic plan would decimate funds for education and public safety and become a job killer in the Commonwealth. “

The study also details the impact of Glenn Youngkin’s plan on Virginia public services – which would be at risk from the loss of $ 218 billion in tax revenue over the next 10 years. These revenues go to Virginia’s world-class schools and law enforcement agencies to protect Virginia’s residents and to give the locations the crucial funding they depend on to pay teachers, fund special education programs, and provide education for Virginia students.

As the next governor of Virginia, Terry will make sure Virginia protects public services and invests in its best workforce in the country to bring new, well-paying jobs to Virginia instead of taking them away. Terry’s plan will continue Virginia’s momentum as the country’s top business state, ensuring that all Virginians have access to the in-demand skills and training they need to jump right into quality jobs. He will also invest a record $ 2 billion annually in education, raising teacher salaries above the national average for the first time in Virginia’s history, giving everyone 3 and 4 year olds in need access to Pre-k, and everyone Student is helped online.

Terry has released 20 detailed plans to strengthen Virginia’s education system and drastically increase teacher salaries, secure Virginia’s economic recovery from COVID-19, reform our criminal justice system, ensure Virginia’s citizens have access to regular nutritious meals, tackle the broken, predatory prescribing system, tackle drug prices, fight the gun violence epidemic, make Virginia the nation’s best state for science, technology, engineering, math and health (STEM-H) and computer science education, tackle the Commonwealth housing crisis, and invest in Virginia’s workforce in the post-COVID economy, ensure Virginians have access to quality, affordable health care, fight climate change and secure Virginia’s clean energy future by 2035, empower Black Virginians as the Commonwealth moves away from the CO VID-19 Pandemic Rebuilds, LGBTQ + Moving Forward Rights To Build A Booming Rural Economy, Support Entrepreneurial Ecosystems And Combat Rising Costs And Health Care Needs, Higher Education More Affordable, Strengthen Virginia’s Agriculture And Forestry, Elderly Before COVID- 19 protect, ensure quality and affordability in later life and fight the COVID pandemic.

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