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Matt Schlapp Statement in Support of Youngkin Tax Cut Proposal

“Alexandria, VA — Matt Schlapp released the following statement in Support of Youngkin Tax Cut Proposal.

“As the failed policies of the Biden administration continue to cause rampant inflation and shrink the United States economy, families across America need real relief that grows the economy.

“As such, CPAC strongly supports Gov. Glenn Youngkin’s plan to provide meaningful tax cuts for Virginians. Under the proposal, the top income tax is reduced from 5.75% to 5.5%, which would save the average family of four $578 a year. In addition, the plan would make Virginia more competitive for businesses by lowering the corporate tax rate from 6% to 5%, while allowing a 10% business income tax deduction for small businesses.

“Currently, Virginia has the 25th highest top income tax rate on individuals in the United States and the 20th lowest corporate tax rate. Under the proposal, Virginia would improve their standing to the 23rd lowest in individual income tax and tied for 14th lowest corporate tax rate.

“With Gov. Youngkin’s successful leadership, the state’s rainy-day fund is on track to hit $4.2 billion by the end of fiscal 2024. Instead of spending increased tax revenue on duplicative government services, Gov. Youngkin’s proposal will spur the economy by alleviating burdens on families.”

Matt Schlapp

Chairman, CPAC

 

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