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Governor Youngkin To Cut Income Taxes In Proposed Budget

You are currently viewing Governor Youngkin To Cut Income Taxes In Proposed Budget
  • Post category:News

More tax cuts in Virginia are coming through in the upgrade of state’s sales tax. The Governor will make sure of it as he will present the budget plan for the following two fiscal years. All from July 1st, 2024 to June 30th 2026. All in the direction of the Virginia General Assembly’s money committees in the Senate and the House.

The Governor’s two-year spending plan, known well as the “Unleashing Opportunity budget” as it will propose several tax changes in Virginia, funding is worthwhile have been funding behavioral health and child care that can pay state employees and teachers.

Virginia has been operating properly on a two-year budget cycle, all as the plan that Youngkin had pitched will be the only one he’s involved with from beginning to end, Of course the Governor will work with democrats on such priorities after the party that takes control of the state legislature

How does his decision affect taxes?

The Tax Policy Proposals involve cutting 12% in income tax rates that go across the board for taxpayers, as they lower the state’s top income tax rate from about 5.75% to about 5.1% as it wall increases the state tax rate from 0.9% to 5.2%.

Virginia is in need, therefore, to strongly compete with other states with increased jobs and even attract brand-new residents with lower taxes. The Governor has an administration that would estimate Youngkin’s plan that will total out in $1 billion through net tax relief all over the 2024 through 2026. Youngkin and his Governor administration are thinking they have “mild recession” all towards the end of the modern fiscal year of 2024 into the fiscal year 2025. All as the concerns are among Democrats who push back on various tax cuts that are proposed by the governor.

Mental health is also an avenue that the Governor wants to address.

His investments in behavioral health and child care initiatives have totally been chasing after state fucning. The Budget itself is going to add $316 million for “Right Help Right Now” plan that overhauls the state’s mental health system, which will in turn into funding for crisis centers, while alos making a difference for clinical and support roles in state facilities.

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