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Monday, January 26, 2009

Terry Kilgore on the Legislative Session

WISE — Dealing with a $3 billion budget deficit is no easy task, Delegate Terry Kilgore, R-Gate City, said Friday.

“Because of the budget this is the toughest session I believe I’ve experienced yet,” he said after Friday’s adjournment of the Virginia General Assembly.Link

Taxes you ask? Get this...

One proposal out of the House of Delegates would repeal the sales tax on food, cut middle class income taxes, and repeal the corporate income tax on small business. That bill is championed by Democratic Delegates David Englin of Alexandria, Joe Morrisey of Henrico and Dave Marsden of Fairfax and includes a number of co-patrons.

They say the bill will protect critical funds for transportation, too, by shifting the tax burden elsewhere.

The corporate income tax for businesses making less than $100,000 per year would be repealed under the measure, and it would cut the personal income tax to 5.6 percent for Virginians making between $17,000 and $75,000 per year.

The income tax cut proposes to provide $130 million in tax relief to more than 1.4 million Virginians. To recoup the difference, the measure would raise the income tax rate on those earning more than $400,000 per year by 1.1 percent, affecting roughly 30,000 people.

Kilgore said cutting taxes is a good idea, but not in the fashion this particular bill proposes.

“I’m all for tax cuts, but the fact is we can’t do any right now,” he said. “As for the tax hikes on the other end, nobody needs to pay more taxes right now. I’m sure it comes out to a tax increase overall. We need investment in Virginia. We need those folks to invest in Virginia. We don’t need to do that right now.”

Ohhh my....

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