Bolling: Youngkin’s Budget Proposals

/ January 3, 2024

Governor Glenn Youngkin introduced his proposed budget for the 2024/2026 biennium to the Virginia General Assembly on December 20: Youngkin: Sales tax hike, income tax cuts in next budget (Richmond Times-Dispatch).

Among other things, Youngkin proposed reducing the state income tax rate, but increasing the sales tax rate and expanding the application of the sales tax to some services, which Virginia has never done.

Youngkin also proposed eliminating the personal property tax on cars and trucks, but allowing localities to impose a higher local sales to offset lost revenue.

The problem with Youngkin’s proposals is that Democrats will not be inclined to support the tax cuts, while many Republicans will not be inclined to support anything that could arguably resemble a tax increase.

House Speaker Don Scott Jr., D-Portsmouth, joked that Youngkin had “come out as a Democrat” by proposing higher taxes.

We’ll have to wait until March to see how this saga unfolds. The 2024 General Assembly session will convene on January 10th.

Bill Bolling spent 22 years in elected office including eight years as 39th Lieutenant Governor of the Commonwealth of Virginia. He lives in the Richmond area with his wife Jean Ann and teaches government and politics at George Mason University, University of Richmond, and Virginia Commonwealth University.

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