THREE Independent Reports Show Dangerous Effects Of Glenn Youngkin’s Economic Plan – Would Cost Virginia Millions of Jobs, Decimate Funding for Education and Public Safety

MCLEAN, VA – Three independent reports released over the last month found that Glenn Youngkin’s economic plan would cost Virginians millions of jobs and would decimate funding for education and public safety.

The three analyses laid out how Glenn Youngkin’s aspiration to slash the state’s income tax would leave Virginia’s schools and economy weaker, and would slash hundreds of billions in personal income for Virginians. The income tax is a crucial part of the state’s revenue, accounting for roughly 72 percent of Virginia’s biennial general fund revenue which is largely spent on essential services – educating children, providing health services, and funding law enforcement.

BELOW ARE KEY FINDINGS:

Center for American Progress Action Fund

“Abolishing the state income tax would cause a $31.5 billion revenue hole that Youngkin has not explained how he would fill. Under one scenario, Youngkin would have to offset this loss by cutting all services that rely on the general fund across the board. This analysis looks at what a 72 percent cut to the general fund would do to services if applied evenly to Virginia’s current state budget. The results are stark and would completely upend the lives of all Virginians. Those working families that rely on essential state services would be most affected. Simply, without the individual income tax the state could be forced into biennial cuts of $13.9 billion to education, $10.2 billion to health and human resources, and $3.2 billion to public safety and homeland security.”

The full report can be found HERE.

National Education Association

This report finds that Glenn Youngkin’s plan to eliminate Virginia’s personal income tax would cost 2.5 million jobs and $225.5 billion in personal income over the next decade. In addition, jobs would be lost across the board, with 2 million jobs lost in state and local government, 200,000 lost in construction and 60,000 jobs lost in food and beverage industries within 10 years. Over the next decade, Youngkin’s plan would also result in $54 billion in lost aid to public schools.

The full report can be found HERE.

Virginia Excels

The report examines the impact of Youngkin’s aspiration to eliminate the state income tax on local school divisions and finds that if applied evenly across the board, it would result in the loss of over $10 billion in state funding for public education and 43,000 educator positions. An analysis of the 2019-2020 school year revealed that eliminating the individual income tax would result in massive cuts to local school divisions. The below chart represents local impacts across the Commonwealth: