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presently allowed under Federal and Virginia law.
I voted for the increase in the beer tax and the bill to include all dividends in taxable income. I voted against the surtax bill and the bill to tax all income from the sale of real and personal property without any allowance for capital gains. These tax bills caused a lot of debate and controversy and the controversy still prevails. These and other tax proposals may be considered again before the end of the session.
There was much argument over the effect of these taxes upon the taxpayers and the economy but one thing is certain: the surtax bill to increase the state income taxes would be a general tax increase.
IT APPEARS that all of the money from any new taxes will be used for capital outlays for mental hospitals, prison facilities and colleges and universities and as recommended by the Governor these outlays would amount to approximately $97 million. The needs for these projects can be justified but I am not in favor of financing these projects by a general increase in income and sales taxes.
The House Courts of Justice
94.5%