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Real reform
Most of our elected officials agree that
Virginia’s tax code should be changed. The
old, agrarian model — which was based on the value of farmland for real estate, and farm equipment for personal property — has not translated very well into the economy of the 21st century.
Gov. Mark Warner recently announced a plan that increases the state sales tax and higher “sin” taxes; closes corporate tax loopholes; and increases the tax bite on the wealthiest Virginians.
Warner estimates that revenues could increase by $1 billion the first two years.
Some Republicans claimed that Warner’s plan simply increases revenue, but does not reform a faulty system. They may be right.
The 10-member, bi-partisan legislative committee that has been studying tax reform for the past several months has not agreed on any plan. Committee co-chairman Delegate Harry Parrish (R-Manassas) closed the meeting last week without any consensus.
95.9%