Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 5 · column 1 of 6 · from the scan, no model involved
By SEN. KEVIN MILLER ‘ <■ Rappahannock News Contributing Writer •' The most glaring inequity in our income tax laws is the tax on the ► ^gain” from the sale of property held F for a period of years.
For instance, if you acquired land in 1969 for $20,000, due to the decrease in the value of the dollar, in 1986 you would have had to sell it for more than $60,000 to break even ; economically. Selling the property in 1986 would have resulted in a Virginia income tax of $920.
The Federal Tax Reform Act of 1986 removed the 60 percent longterm capital gain deduction. Governor Baliles and the Democrat-con-' trolled General Assembly failed to make appropriate changes in our tax laws. » it*
89.4%