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cal projection of tax revenue growth.
So in one way, the answer is: The money to pay for Gilmore’s proposed tax cut will come from the same place that Beyer’s tax cut will come from... new, surplus tax revenue.
The question is: How do you want this new $5.5 billion spent?
Gilmore wants to give $1 billion back to the taxpayers as a cut in the property tax on cars, trucks and motorcycles valued $20,000 or less. This will be phased in over five years.
He will set aside $2.7 billion for increases in existing state programs to cover inflation.
Gilmore proposes to spend money to provide $2,000 scholarships for higher education to students with an average of B or better who stay out of trouble.
He will also provide money to hire 4,000 new elementary school teachers.
Even after spending money on tax cuts, new teachers, scholarships and providing a $2.7 billion increase in state spending to cover inflation, there will still be $1.4 billion left over.
No existing state programs would be cut to pay for this tax cut.
County and city governments will not lose a red cent. All that will happen is this: The county will send tax bills to people who own vehicles valued
96.9%