| “Virginians are still overtaxed, they deserve to keep more of their hard-earned paychecks and today’s significant move by the House of Delegates means Virginians are one step closer to additional relief,” said Governor Glenn Youngkin. “The reductions in individual income tax mean 86% of taxpaying Virginians will enjoy the benefits of a lower top tax rate and an additional 14,000 Virginians will pay no state income taxes. The reduction of tax rates for business will result in lower taxes for approximately 475,000 resident small business owners and local businesses across the Commonwealth. Reinvigorating Virginia’s tax structure will help make the Commonwealth competitive with other states so that we can compete to win. We proved last year, when Republicans and Democrats passed our $4 billion tax relief package for Virginians, tax cuts don’t have to be a partisan issue.” |
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