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Individual Retirement Accounts, and sales and titling tax payments will no longer be allowed as a deduction.
Under the Governor’s plan, this 40 percent would not only get their fair share of the windfall, but because he is not advocating lowering the state’s tax brackets to meet the new ones drawn up by the federal reforms, this 40 percent would wind up paying for tax relief for those who do not itemize on their returns.
The Governor’s plan only recommends that we simply raise the tax threshold for standard deductions, personal exemptions, top tax level brackets and the minimum filing base, forgetting that under the federal reforms, the heaviest burden for raising revenues is on corporate taxes and taxpayers who itemize their deductions. His plan hits these areas once again while leaving an estimated 621,000 wage earners off the rolls entirely.
The Governor’s Robin Hood plan and his state tax reform package will be folly analyzed by the legislature during this session. It is my hope that we can come up with a much more equitable solution for all Virginians.
On Wednesday, Jan. 21, there will be a public hearing on the lottery issue here at the General Assembly. And on Thursday, the 22nd, a public hearing dealing with Tort Reform Legislation will take place at 2 o’clock in House Room D.
During the next six weeks I will continue to keep you informed on our activities on matters that are important to all of us. Concerned citizens wanting to contact me on items of interest can do so by calling (804) 786-7395, or writing me at my office in Richmond: Room 614, General Assembly Building, 910 Capitol Street, Richmond 23219.
RAYMOND R. (ANDY) GUEST
Delegate
31st District, Front Royal
84.8%