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Americans for Prosperity – Virginia released the following statement on the tax conformity plan proposed by The Thomas Jefferson Institute:
“This plan is the least the legislature can do to begin conforming Virginia’s tax code to the federal Tax Cuts and Jobs Act, which has been a boon for taxpayers and our economy,” said AFP-VA State Director JC Hernandez. “While we’d prefer a plan that lowers individual tax rates to avoid raising taxes on hard working Virginians, we see this plan as a necessary step toward a tax structure that benefits all Virginians. If lawmakers conform the Tax Cuts and Jobs Act without adjustments, state taxes will increase for individuals, families, and businesses by an estimated $594 million in 2019. Other proposals would use that additional tax revenue to cover the costs of various government programs. Instead of trying to figure out ways to spend hard working Virginians’ money, when conforming to the Tax Cuts and Jobs Act, the legislature must look for opportunities to reform our tax structure and put money back in Virginian’s pockets.”