Wa Ex: Virginia lawmakers have a choice to make during the 2019 legislative session that starts next week: Take steps to change the state tax code or risk a $500 million-plus increase in their constituents’ state tax bills.
Though most state taxpayers saw a tax cut at the federal level, Congress’s changes to make the federal standard deduction more attractive could prompt them to forgo itemizing on their Virginia returns. Taxpayers will come out ahead overall, but their state tax bills will look a little bigger — and the state’s treasury a little flusher.
States across the country are grappling with similar issues, as most saw a bump in their revenue in the first year under the new federal tax code.
“The federal changes broaden the tax base while lowering tax rates, and only the base-broadening elements flow through to the states,” said Jared Walczak, a senior policy analyst at the Tax Foundation. “So they still have their same rates — they would collect more revenue to the degree that they were conforming to federal law.”
Some states have returned the money to residents in the form of tax cuts or credits, as they grapple with changing their tax forms to match the federal changes. more here
The state is already awash in confiscated revenue and the filthy democrats are not looking to return the excess collection to the taxpayers, but want to use it to buy votes.
I’m really starting to hate this state.
Told you before, I am heading farther south as soon as my ducks are in a row.
“Speaking the truth in times of universal deceit is a revolutionary act.” Geo. Orwell
Through political evolution elected officials now only have the desire, and need, to tax and spend at increasingly higher amounts!