Virginia Democrats ran on Affordability. So why all the talk of raising taxes?
Democrat Progressives in Virginia talked change by way of Affordability. Here’s what’s planned.
A proposal has been introduced to raise state income taxes on individuals earning over $1 million, increasing their marginal tax rate from 5.75% to 10%.
There are discussions about the overall state tax rate potentially rising from 5.75% to as high as 13.8%, which would make Virginia one of the highest tax states in the region.
The Democratic-controlled legislature is advancing proposals that would significantly increase taxes on millionaires and investment income, breaking from previous flat-rate tax policies.
Additionally, there are plans to increase the sales and use tax by another 1%.
