RICHMOND, Va. (WRIC) — In two expected party-line votes, the Virginia House of Delegates passed key proposals in Gov. Glenn Youngkin’s plan for $1 billion in tax cuts.<\/p>\n

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\n\t\tREAD MORE: Youngkin unveils new tax relief proposal in budget plan\t<\/a>
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Both votes were 52-48, with all House Republicans voting in support and all Democrats in the chamber voting against the proposals. <\/p>\n
Virginia House Democrats criticized Republicans for Tuesday’s votes, accusing them of jamming through bills that will “benefit big corporations and the wealthy.”<\/p>\n
\u201cI always say: don\u2019t tell me your priorities. Show me your budget and I\u2019ll tell you your priorities,\u201d Democratic House Leader Don Scott (Portsmouth) said in a statement. \u201cThe Republican tax bill is a giveaway to corporations \u2013 which will either mean tax hikes for families or deep cuts to services.”<\/p>\n
The measures are expected to face intense pushback in the Democratic-controlled Virginia Senate, where similar proposals from state senators will go before the Finance and Appropriations Committee on Wednesday<\/a><\/strong>.<\/p>\n
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\n\t\tVirginia House Republicans embrace tax cuts for corporations, top earners\t<\/a>
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In a statement, Gov. Youngkin repeated his belief that “Virginians are still overtaxed” but lauded Tuesday’s votes in the House as a step closer towards his goal of providing tax cuts. <\/p>\n
\u201cThe reductions in individual income tax mean 86% of taxpaying Virginians will enjoy the benefits of a lower top tax rate and an additional 14,000 Virginians will pay no state income taxes,” the governor said Tuesday. <\/p>\n
Youngkin added that reducing the tax rates for businesses will help lower costs for roughly 475,000 small businesses and their owners across Virginia. <\/p>\n
The governor has talked at length about adopting tax relief measures to put Virginia in a position to compete for new developments and attract companies and people to the commonwealth.<\/p>\n
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\n\t\tGovernor Youngkin proposes tax break for Virginia\u2019s small businesses\t<\/a>
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Democrats have raised concerns that Youngkin’s tax relief program would keep Virginia from paying for unmet needs, including funding for school construction. They have also shared doubts that the cuts would incentivize others to come to Virginia.<\/p>\n
Youngkin has also proposed to increase spending on public education, bolster the state’s behavioral health services and for other commitments. He has disputed that his tax cuts would limit Virginia’s ability to fund the investments. <\/p>\n
While the House approved the proposals Tuesday, concessions are expected once negotiations with Democrats begin in earnest. <\/p>\n
Last year, Youngkin sought $5 billion in tax cuts and a full repeal of the state’s grocery tax. In the end, lawmakers agreed to $4 billion in cuts and eliminating the state’s portion of the grocery tax, maintaining localities’ tax rate on groceries. <\/p>\n
“We proved last year, when Republicans and Democrats passed our $4 billion tax relief package for Virginians, tax cuts don\u2019t have to be a partisan issue,” Youngkin said. <\/p>\n
Stay with 8News for updates. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
RICHMOND, Va. (WRIC) — In two expected party-line votes, the Virginia House of Delegates passed key proposals in Gov. Glenn Youngkin’s plan for $1 billion in tax cuts. The House passed legislation Tuesday to reduce the top income tax rate from 5.75% to 5.5% — which is estimated to cut revenues by roughly $333 million […]<\/p>\n","protected":false},"author":2,"featured_media":11478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[56],"tags":[],"class_list":["post-11479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/teachbytes.com\/wp-content\/uploads\/2023\/01\/AP22017772864793.jpg","_links":{"self":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts\/11479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/comments?post=11479"}],"version-history":[{"count":1,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts\/11479\/revisions"}],"predecessor-version":[{"id":11480,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/posts\/11479\/revisions\/11480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/media\/11478"}],"wp:attachment":[{"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/media?parent=11479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/categories?post=11479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teachbytes.com\/wp-json\/wp\/v2\/tags?post=11479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}