Budget orgs say Youngkin’s tax plan hurts lower-income earners – VPM

“Youngkin is proposing to cut personal income taxes by 12% across all tax brackets and to raise the sales-and-use tax from 4.3% to 5.2%, an increase of 21%. That would, on balance, see the bottom one-fifth of Virginians pay more in taxes each year, according to Megan Davis of The Commonwealth Institute for Fiscal Analysis.

“TCI conducted the analysis with The Institute on Taxation and Economic Policy and found that people with incomes up to $30,000 would see an average tax increase of $44, and those up to $58,000 would pay an average of $5 more each year. Virginia’s wealthiest filers, those making more than $763,000 would pay $9,640 less in taxes each year, according to the joint analysis — which was conducted using ITEP’s microsimulation tax model.”

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