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As the state tax laws stand now, Virginians will pay, according to various estimates, somewhere between $185 and $300 million in additional income taxes this year. Although federal tax rates were lowered by last year’s sweeping reforms, the base of taxable income was broadened, creating the additional potential tax revenue.
Proposals under consideration include increasing the personal exemption for state taxes, increasing the minimum income level for the highest tax bracket (where most of the increased tax burden will be felt), or increasing the standard deduction. It is also possible that the final bill will include some combination of those ^proposals. " “There are lots of bills pending,” S^n. Miller reported. “I just don’t know what’s going to shake out of it ... I feel sure it will be evened out - whether it will be enough to be revenueneutral - I’m sure that the administration wants a little gravy left.”
He also told residents gathered for a town meeting at the courthouse Friday morning that he plans to push for legislation to lower the tax assessment on capital gain resulting from the sale of an asset owned for a period of years.
“It is an inequity which has existed in our tax laws since 1926, but it has been made dramatically more inequitable by the changes in federal tax laws,” Sen. Miller said. Specifically, the culprit is the elimination of the long-term capital gains deduction of 60 percept of the gain on the sale of property.
Sen. Miller explained that,
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