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uivy biiuw Liittt uie personal tax payments from the State of Virginia as a whole came to $1,219,000,000. Some 0.07 percent of this total was contributed by residents of Rappahannock County.
And this year, because of the 10 percent surtax that is now in effect and because of the bigger earnings and higher employment ratio that prevailed in 1968, the expectation is that the tax yield generally will be about 20 percent greater than it was a year ago.
Hie current budget, submitted to Congress in January, indicates just how much of an increase is counted on by the Treasury ! Department. It calls for $84.4 ] billion in personal income taxes, | as against $68.7 billion last year. , Taxpayers in the local area will be paying a commensurate share of this $15.7 billion rise. On the basis of their economic gains in the past year, their forthcoming contribution is expected to be close to $1,047,000, or about $194,000 more than in 1968.
Some idea of what the next fiscal year will be like, from the standpoint of Federal taxes, is indicated in the new budget.
With the 10 percent surtax retained, it counts on collections of $90.4 billion in personal income taxes a year hence, or $6 billion more than at present.
For Rappahannock County residents to carry their share of this rise without adjusting their mode of living would necessitate an average increase of 7 percent in earnings during 1969.
78.5%