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To the editor
When the 1987 Virginia General Assembly convened on Jan. 7 for its 46-day “short” session, it didn't take' much time for the administration and the legislature to identify what will clearly be one of the most pressing fiscal issues that needs to be addressed this year - What to do with the state tax “windfall” that will be generated as early as 1988, due to the new federal tax reform laws.
For months, ever since Congress passed its Tax Reform legislation, Virginia, and indeed every other state, has come to the realization that while the federal tax code will face sweeping reforms in the way it collects individual and corporate tax money, such changes present unprecedented confusion for states in the way they collect their own piece of the pie.
Until, and unless, we are able to adjust our own tax laws to reflect these new federal taxation initiatives, so-called “windfalls” of increased tax monies will flow into state coffers. This situation could be regarded at this stage as taxation without representation.
Because of this critical situation, Virginia has a responsibility to its citizens to do what is right - revise our own tax laws to compensate for this situation - and in the meanwhile, return to the Virginia taxpayer those additional tax revenues that are received unfairly during this time.
Much to my disappointment, as well as that of numerous other legislators, the Governor is recommend.ing a solution that can only be described as a “Robin Hood bill.”
About 40 percent of Virginia taxpayers itemize deductions on their state and federal tax returns, and many of these will not be available to them when the federal reforms go into effect.
For many, consumer interest,
83.8%