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With Billions in Coffers Due to Over-Taxation, Youngkin Calls For Tax Relief for Virginians

Governor Glenn Youngkin sent a letter to Delegate Barry D. Knight and Senator Janet D. Howell to inform them of a revised revenue forecast that estimates the Commonwealth will collect $1.25 billion more in the current fiscal year, on top of the additional $3.3 billion added to the original forecast added last December.
“This is a staggering number, the largest mid-session reforecast in anyone’s memory. The stunning amount of money being collected from taxpayers is the direct result of over taxation. Put simply, without significant tax relief, the Commonwealth’s general fund collections will grow by over 40% percent between 2018 and 2024. In the next few weeks, as we put together a bipartisan budget agreement before the March 12th deadline to adjourn, it is clear that we must return money to taxpayers to relieve the pressures of inflation and economic uncertainty felt by families and businesses,” wrote Governor Youngkin. “Of the roughly $13.4 billion in unanticipated revenue the state will collect in this budget cycle, I am asking the General Assembly to return $4.5 billion to taxpayers. That leaves nearly $9 billion in new revenue to invest in schools and teachers, law enforcement, behavioral health, and the other important priorities of the General Assembly. I am confident that we can provide tax relief for Virginia families and invest in our shared priorities.”

Governor Youngkin Statement on House and Senate Budgets
Governor Glenn Youngkin released the following statement on the proposed budget amendments released by the House Appropriations Committee and the Senate Finance and Appropriations Committee.

“As we look at the budget proposals released today, it is clear we have a lot of work to do before the March 12 deadline to complete Virginia’s two-year budget.

“As I have repeatedly said since last summer: the state government has been overtaxing Virginians. Government revenue paid by taxpayers is soaring to record new highs, and Virginia has fallen behind much of the nation in its recovery from the pandemic, and particularly falling behind our competitor states to the south. There’s $13.9 billion in unanticipated money projected in this budget cycle, and with prices rising and families feeling the pinch, it’s time to do the right thing and give the money back and provide common sense, ongoing tax relief.

“The House budget provides nearly $5.3 billion in tax relief for all Virginians – including significant tax relief for our military veterans and common sense tax relief worth $1,500 to a typical Virginia family in the first year. This represents the priorities I outlined in the Day One Game Plan Virginians voted for last November. Speaker Gilbert and Chairman Knight have delivered on our shared promises.

“While it does not include nearly enough tax relief, the Senate budget proposal also includes common sense, bipartisan priorities on which we can find common ground. I know Senator Howell and Senate Leadership are eager to work in good faith on these and other important priorities.

“Despite the major differences outlined today, there’s a clear path forward. The extraordinary financial position we are in means we can provide this much needed relief to families and businesses while still delivering a record investment in our students, teachers, and schools, standing up for law enforcement, making urgent investments in behavioral health, and doing more to strengthen our workforce and economy. The idea we have to choose between tax relief and our shared priorities is a false choice.

“I want to thank Chairman Knight, Chairwoman Howell, committee members, and the committee staff for their hard work ahead of today. But, this is just the beginning. I look forward to hosting House and Senate Leadership and the budget conferees to a meeting on Friday after the House and Senate have passed their budgets so we can sit down together and get to work.”

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