So I was having a conversation with Jamie Radtke about whether or not the McDonnell/Howell tax increase outpaced the Chichester tax hike of 2004.
The answer?
1986: Baliles ($442 million per year)
2004: Chichester ($680 million per year)
2013: McDonnell/Howell ($880 million $1.13 billion per year)
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That’s right folks…
Governor Bob McDonnell and Speaker Bill Howell just crammed the largest tax increase in the 400+ year history of the Commonwealth down our throats.
UPDATE: Paul Blair helpfully points out:
It’s $880 million per year in revenue, but $200 million per year comes from the general fund (not a higher tax itself). $680 x 5 = $3.4 billion over 5 years. Hampton Roads tax addition: $200 mil/yr x 5 = $1 billion over 5 years. Northern Virginia tax addition: $350 mil/yr x 5 = $1.75 billion over 5 years. 3.4+1+1.75 = $6.1 billion over 5 years. Am I missing something or over-including?
…bringing our grand total to $1.13 billion per year in tax increases.