Glenn Youngkin on Tax Reform

	Glenn Youngkin on Tax Reform

Only interested in a plan that reduces taxes for Virginians

In the second half, we need to structurally reform our tax code. We can do this by cutting taxes across the board 12% and paying for almost 80% of this by modernizing our tax code, which includes closing the tech tax loophole and increasing the sales and use tax by 0.9 percent. For low-income Virginians, we are including an expansion of the earned income tax credit. To be clear, this is a package deal, and I'm only interested in a plan that reduces taxes for Virginians. Source: 2024 State of the State Address to the Virginia legislature , Jan 10, 2024

Eliminated grocery tax; look forward to more tax breaks

We provided historic tax relief on a bipartisan basis, including eliminating the state's grocery tax. I was so pleased to see my democratic friends join us recently in celebrating the end of this regressive tax, something Virginians came together around during our election. That's definitely a clear sign that there is bipartisan momentum for more tax relief this session. I look forward to giving those on both sides of the aisle more opportunities to celebrate tax breaks in the coming weeks.

Those states that we compete with most directly--North Carolina, South Carolina, Tennessee, Georgia, Florida and Texas--have not only recovered all of the jobs lost during the pandemic, but they've actually added a collective 1.3 million jobs. That data tells an undeniable story. Virginians are moving to states with lower taxes and lower cost of living and as those Virginians pack up and move away so go the jobs, investments, and tax revenue they drive.

Source: 2023 State of the State Address to the Virginia legislature , Jan 11, 2023

Increase standard deduction; $1B of surplus for tax relief

We want all of our veterans to stay here. I'm asking you to eliminate the tax on military retirement income for veterans regardless of their age. I'm also asking that you finish the work we started last year, increase again the standard deduction by another 20%, a change that helps all Virginians, but especially the lower and middle income tax-payers. The plan I have laid out utilizes $1 billion of the $3.6 billion projected surplus for tax relief, and is structurally sound. Source: 2023 State of the State Address to the Virginia legislature , Jan 11, 2023

We will double the standard deduction on income taxes

Starting today, we will tackle the high cost of living. We will suspend for a year the recent tax increase on gasoline, and eliminate the grocery tax altogether. In addition, we will double the standard deduction on income taxes, rein in skyrocketing property taxes, provide the largest tax rebate in Virginia's history, and cut taxes on our military veterans' retirement benefits. Source: 2022 State of the State Address to the Virginia legislature , Jan 15, 2022

Oppose and veto any and all efforts to increase taxes

Youngkin announced his pledge to taxpayers to "oppose and veto any and all efforts to increase taxes."

?"Our government in Richmond has runaway budgets, and I believe in small government and efficient government. So today I'm going to sign a pledge to take care of Virginians as opposed to taking care of big government," said Youngkin as he became the first Republican gubernatorial candidate in Virginia to publicly sign Americans for Tax Reform's Taxpayer Protection Pledge.

Source: 2021 VA Governor campaign website YoungkinForGovernor.com , Feb 4, 2021

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