Youngkin Tax Package Through House

Still Faces Uncertain Future in Senate
State Capitol
State Capitol Photo credit Matt Demlein, WRVA

Richmond, Va. (Newsradiowrva.com) - Governor Glenn Youngkin's (R) package of proposed tax cuts was approved by the House of Delegates Tuesday, but still faces an uncertain future in the Democratically-controlled State Senate. The package includes both income and corporate tax cuts.

In the package, the top income tax bracket would move from 5.75% to 5.5%. The top tax bracket actually covers a large number of Virginians, starting at $17,000. The package also doubles the standard deduction to $18,000, and lowers the corporate tax rate to five percent.

The package is likely to be part of negotiations over the State Budget.

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Featured Image Photo Credit: Matt Demlein, WRVA