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because of inflation, if a person bought property in 1967 for $10,000, and sold it in 1987 for $20,000, he has actually lost money. Now, the $20,000 capital gain will be fully taxed, “even though the $20,000 received has only about two-thirds of the purchasing power of the $10,000 invested in 1967.” The federal tax changes will result in a 40 percent increase in the capital gains tax.
“If you think the 40 percent increase in federal income tax on the sale of assets is rather great,” the senator continued, “then be aware that the Virginia income tax on the sale of assets will increase by 260 percent.”
“My proposal,” Sen. Miller said, “would provide that if a taxpayer’s adjusted federal gross income includes a capital gain on the sale of property, and the property has been owned by the taxpayer for any part of three or more calendar years, the taxpayer may take a deduction on the state return for the inflation factor for such period of time the taxpayer owned the property.”
Sen. jMiller listed as another priority increases in the number and pay of state troopers. “The numbers of State Police have gone down. When you look at the figures - there’s no question that something needs to be done ... It’s the same with game wardens: there are fewer wardens now to control more hunters.”
“There is a crying need for an increase in game wardens,” Sen. Miller said. “In my opinion it’s
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