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By DONALD DEL ROSSO
Anindel Newspapers Richmond Bureau
RICHMOND — Operating on the political maxim that it’s far better to give than to receive during an election year, the General Assembly is planning a $180 million tax break for Virginians in 1987.
That’s just one of a handful of controversial money matters the legislature will wrestle with during 1987 the General Assembly, which opened Wednesday.
The estimated $180 million will come from the so-called revenue windfall, created as a result of federal tax reform measures Congress adopted last year.
Virginia’s income tax structure is fashioned after th'cTfederal government’s. Since federal tax reform lowered tax rates by eliminating many deductions, Virginians could lose $183 in itemized deductions that will go directly to the state if Virginia tax rates are not lowered. In light of last year’s $450 million ill tax increases, there seems to be considerable bipartisan support for returning the windfall to taxpayers.
Gov. Gerald L. Baliles has said he doesn’t believe taxpayers should be penalized by the new tax code.
Many Democratic and Republican legislators agree wittyhim. 1
Sen. Charles L, Waddell (D-Loudoun/Fairfax) says he “totally” supports the governor’s plan to send the revenue back to taxpayers.
“I totally support the governors proposal. I
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