Del. Chris Peace Introduces Bill to Cut Income Tax
With the start of the 2019 Virginia General Assembly less than a week away, Delegate Chris Peace (R-97th House District) has filed a tax reform bill to reduce income taxes for taxpaying individuals and corporations.
The proposal also indexes the Standard Deduction for inflation, and conforms Virginia’s tax laws to the new Federal tax cuts and changes.
Peace noted that Governor Ralph Northam’s refusal to propose any broad-based and meaningful tax reforms in response to federal changes would cause many Virginians to pay more in taxes and lose significant amounts of federal tax cuts. He added:
“In addition to approximately $6 billion in new spending programs, the Governor proposes to take tax money from middle-class taxpayers and give it to people who don’t pay income taxes at all. I cannot support this wealth redistribution scheme and I will work with my colleagues to stop it.”
Peace’s tax reform bill will:
-Conform Virginia Tax law to the changes in Federal Tax law effective December 31, 2018 (Tax Conformity);
-Double the Standard Deduction for individuals from $3,000 to $6,000 and for couples filing jointly from $6,000 to $12,000;
-Increase the Standard Deduction annually to match the increase in inflation;
-Reduce the Corporate tax rate from 6% to 5.5% in 2018 and to 5% in 2019;
-Require any excess revenue generated by Tax Conformity to be placed in a Tax Policy Fund to be used for tax relief beginning in 2020.
With taxpayers in mind, Delegate Peace noted:
“Governor Northam and many Democrat legislators see tax conformity as a way to fund a huge increase in government. New revenue generated through tax conformity should be returned to taxpayers and that is what my bill will do.
“Focusing tax relief through a higher standard deduction reaches the highest number of Virginians, most of them middle class families who have seen the standard deduction stalled for 30 years while itemized deductions for others soared.
“I will fight every attempt to raise taxes and create programs for redistribution of your hard-earned dollars. My proposal will likely be followed by other similar ideas about how to return tax money to the people, but this bill sets the standard for reform.”
Delegate Peace’s voting record includes:
-Consistent opposition to tax increases;
-His vote against the single largest tax increase in Virginia history;
-Patroning of legislation to eliminate the recordation tax;
-Support for reform to the local and regressive BPOL tax.
Priorities for Peace have included protecting family values by promoting a high qualify of life in Hanover, King William, and New Kent counties, and job creation.
While working to defend the Constitution, the Delegate has consistently received high legislative vote scores from the American Conservative Union, the Virginia Chamber of Commerce, the Virginia Citizen Defense League, and the National Federation of Independent Business.
Peace is Chairman of the General Laws Committee, and is a senior member of the House Appropriations Committee serving as one of the six House of Delegate budget negotiators.
Serving his district since 2006, Peace represents parts of Hanover and King William counties, and all of New Kent County.