Governor Says Revenue Numbers Show Tax Cuts Are Possible

Budget Talks Could Resume Next Week
Governor Glenn Youngkin lobbies for tax cuts in 2022.
Governor Glenn Youngkin lobbies for tax cuts in 2022. Photo credit Montasia Braxton, WRVA

Richmond, Va. (Newsradiowrva.com) - The Youngkin administration has released the February revenue numbers, saying the Commonwealth is $111 million ahead of forecast. Governor Glenn Youngkin (R) says the numbers show ““Virginians remain overtaxed, and the Commonwealth has abundant resources available to lower costs and cut taxes for families and local businesses."

Youngkin proposed cutting corporate and income taxes prior to session. The General Assembly is yet to agree on a budget. The Richmond Times Dispatch reports talks could resume next week, and that an agreement is unlikely to include the Governor's proposals. The deal could include a doubling of the standard deduction.

The General Assembly wrapped up its session, minus a budget, February 25th.

Featured Image Photo Credit: Montasia Braxton, WRVA