Virginia Gov. Youngkin Proposes $1 Billion Tax Cut After Grocery Tax Win

  • Governor Glenn Youngkin spoke at a rally on Monday where he shot hoops with children and called for his supporters to pressure their legislators to support the tax relief package included in his budget amendment proposal.
  • Youngkin’s proposal builds on cuts already passed in the budget in 2022 and includes $1 billion in tax relief, lowering the business tax rate from six to five percent and lowering the income tax for payers above $17,000 from 5.75 percent to 5.5 percent, and increasing the standard deduction on income tax. Youngkin also called for making Virginia veterans eligible for a $40,000 tax exemption at any age.
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