Tom Perriello on Tax Reform
Raise income tax rate by 1% for income over $500,000
Democratic gubernatorial candidate Tom Perriello released a detailed tax reform plan that calls for higher taxes on the rich and corporations while strengthening tax credits that benefit the middle class and low-income workers.
raising the state's personal income tax rate by 1 percentage point for those making more than $500,000 per year, and 1.5 percentage points for those earning more than $1 million, a hike the Perriello campaign said would leave rates unchanged for
99% of Virginia residents.
The former representative said he would seek to force corporations to pay more by enacting a minimum tax floor and requiring corporations that operate in multiple states to report their income in a combined form.
"It's time we finally put to rest the myth of trickle-down economics and reject the Bush/Trump/Gillespie approach of cutting taxes for the wealthy once and for all," Perriello said in his tax proposal.
Source: Roanoke Times on 2017 Virginia gubernatorial race
, Apr 28, 2017
Eliminate capital gains taxes on key investments
The Small Business Jobs Act gives small businesses approximately $12 billion in tax cuts to spur investment, growth, new starts and hiring, including two tax cuts that were initially cosponsored by Rep. Perriello. These include:
Source: 2010 VA House campaign website Perriello.house.gov
, Sep 23, 2010
- Elimination of
capital gains taxes on key investments in small businesses (Initially co-sponsored by Perriello;)
- The highest small business expensing limit ever-- up to $500,000;
- An extension of 50% bonus depreciation originally enacted by the Recovery Act;
A new deduction for health care expenses for the self-employed;
- Tax relief and simplification for cell phone deductions;
- An increase in the deduction for entrepreneurs' start-up expenses (initially co-sponsored by Perriello;)
A five-year carryback of general business credits;
- Limitations on penalties for errors in tax reporting that disproportionately affect small business.
Page last updated: Jul 28, 2017