Tax Relief

Youngkin urges Northam to incorporate tax breaks within the ultimate price range

RICHMOND, Va. (WDBJ) – Governor-elect Glenn Youngkin has some advice for Governor Ralph Northam.

On Friday afternoon, the governor-elect encouraged Northam to add tax breaks to the governor’s outgoing budget.

Youngkin spoke at the Virginia Economic Summit & Forum on World Trade, organized by the Virginia Chamber. He summarized many of the priorities he had set during the campaign. And he argued that tax breaks shouldn’t wait.

“The Virgos were overwhelmed with $ 2.6 billion last year,” Youngkin told the audience. “And there will be more this year.”

Youngkin said the surplus is so large that the Commonwealth can offer significant tax breaks and still have money to spend on important investments.

His proposals include increasing the standard deduction, granting a one-time tax break for Virginians, abolishing the food tax, and suspending the gas tax for one year.

He said he strongly encourages Ralph Northam to add them to the outgoing budget that the governor will propose later this month.

“For too long, Richmond thought that higher taxes were the best kind of sustainable government revenue. I fundamentally disagree, ”said Youngkin. “The best long-term plan for sustainable government revenue is growing jobs and a growing economy. And together we can deliver that. “

Governor Northam’s spokesman noted that the governor fought the abolition of the food tax during his 2017 campaign and continued to work to make it happen. Alena Yarmosky said the governor is still developing the budget and will “make historical proposals in the coming days”.

Below is the full statement:

“Governor Northam prides itself on Virginia’s booming economy, and it is good to see the governor-elected acknowledge that fact. Governor Northam’s careful financial management has resulted in the largest surplus in Virginia’s history, recognition as the best state for business for three consecutive years, and record savings in state financial reserves. I should note that these proposals are far from new – Governor Northam worked for the governor to get rid of the food tax during his 2017 campaign, and he has worked to make this a financial opportunity during his tenure. The governor is still developing the budget and will be putting forward historic proposals in the coming days. “

Copyright 2021 WDBJ. All rights reserved.

Related Articles