Youngkin announces new tax cut and spending proposals
Virginia | August 30, 2021
Youngkin announces new policy plans to cut taxes and increase spending with surplus and revenue funds
Republican gubernatorial nominee Glenn Youngkin announced new policy proposals Monday that he says would be funded with Virginia’s surplus and revenue over the next year.
With plans to both spend more and cut taxes, his campaign stressed that local funding for things like public safety and education would not decrease. The initial cuts would total $1.8 billion with a recurring total of $1.4 billion a year. Virginia saw a $2.6 billion surplus this previous fiscal — approximately half of that is required by law to go into Virginia’s rainy-day fund.
Campaign aides for Youngkin provided several specific policy proposals in a press call Monday morning. Suspending the gas tax hike for one year, providing tax rebates of $300 for individuals and $600 for couples, eliminating taxes for veterans on the first $40,000 of their retirement pay, and cutting income taxes by doubling the standard deductions — $259 for individuals and $518 for couples, are some of the key ideas from Youngkin’s new proposal. … (Excerpts from the Virginia Political Newsletter)