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Politics : Formerly About Advanced Micro Devices

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To: FJB who wrote (1192810)	1/12/2020 10:14:46 AM
From: longnshort	1 Recommendation Recommended By FJB of 1573949

VA Likely Faces Steep Tax Hikes Due to Dem Spending Hans Bader, Liberty Unyielding November 4, 2019 AP Photo/Steve Helber Taxes are likely to increase a lot in Virginia over the next several years. Democratic spending proposals will add at least a billion dollars annually to the state budget. These costly proposals can't be paid for without raising taxes, because the cost of existing state programs is already rising faster than state revenue. That leaves too little money to pay for new programs, unless there's a tax increase. Indeed, state revenue will shrink due to several labor policies that Democrats are likely to enact in the next legislative session. Those policies will eliminate 100,000 jobs or more. Job losses reduce state income tax revenue, because unemployed people have less income. They also cut state sales tax revenue, because unemployed people have less money to spend. The result will be a gap between higher spending and lower revenue. To eliminate that gap, the state will have to raise tax rates a lot.

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