Ending Virginia’s corporate income tax
By Norman Leahy | Monday, February 13th, 2012 | Podcasts, Policy, VirginiaScott Lee talks with Del. Ben Cline about a topic that, once upon a time, warmed the hearts and galvanized the minds of conservatives everywhere: tax cuts. In this case, though, Cline isn’t interested in just trimming rates, but in eliminating an entire levy: the corporate income tax.
The idea isn’t new in Virginia. It was one of the “Big Ideas” Bob McDonnell’s gubernatorial campaign seriously considered making part of the platform in 2009. Obviously, that went nowhere. But some in the General Assembly have refused to let the idea slide because of the potential it has to stimulate exactly the sort of job growth and investment the resident political class says (repeatedly) that it wants. In 2010, the House took up corporate income tax repeal, and even made a bit of headway…until it was left to die in the Appropriations committee.
Cline is still willing to have the debate. Here’s hoping he gets one — particularly with those who tend to believe that only lavish state subsides can help lure new investment to Virginia.
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About the author
Norm Leahy has written about Virginia and national politics online since 2002, beginning with One Man's Trash (OMT), and continuing through Bacon's Rebellion (both the blog and the e-zine), Sic Semper Tyrannis, NBC12's Decision Virginia, Richmond.com and Tertium Quids. He is the chief blogger at "The Score" and a producer of "The Score" radio show as well as being a Washington Post contributor.
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3 Responses to "Ending Virginia’s corporate income tax"
Virginia can condition the state business climate to be attractive to business. But then there is that pesky Federal Government which is pushing businesses out of the country by mandating compliance with social justice directives, and then taxing, regulating and controlling on a national scale, whatever businesses are still here.
Since the corporate income tax is just another cost of doing business, and is mostly passed on to consumers, I’d agree with getting rid of it. It also taxes money that stays in a company to reinvest and thus create jobs. We should tax money as it’s taken out of companies…by either kicking the top tax rate up a notch or increasing taxes on capital gains.
How did the elimination of the car tax work out?
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