Home Budget, Economy Youngkin’s Absurd Corporate Tax Giveaway Not Just Terrible Public Policy, It’s Also...

Youngkin’s Absurd Corporate Tax Giveaway Not Just Terrible Public Policy, It’s Also Politically Unpopular (“supported by [just] 19% of Virginians”)

Youngkin's tax proposals "primarily benefit high-income families and profitable corporations, while leaving essential government services — including strong public schools — deeply underfunded"

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Very interesting poll results from the WaPo/Schar School, which finds that Virginians OVERWHELMINGLY support increased spending for mental health services (90%-8%!) and schools (87%-11%!), while they overwhelmingly DO NOT SUPPORT  proposal by Gov. Glenn Youngkin (R) to cut taxes for corporations, with 75 percent against and 19 percent in favor, according to the poll.” A significant majority of Virginians also support (69%-27%) increasing funding for the police, cutting taxes for individuals (70%-24%) and cutting taxes for small businesses (78%-18%).

So what does Glenn Youngkin want to do? According to an analysis by The Commonwealth Institute for Fiscal Analysis, “Youngkin’s proposed changes to the 2022-2024 budget, which were issued in December 2022, primarily benefit high-income families and profitable corporations, while leaving essential government services — including strong public schools — deeply underfunded.” Also from The Commonwealth Institute:

  • The centerpiece of the governor’s budget proposal is $500 million in tax cuts that will go to profitable businesses and corporations… Effectively corporations would have a lower tax rate than the 5.75% top tax rate on personal income paid by 86% of filers in the state. In other words, if enacted, many families would face a higher tax rate than many corporations, even as corporate profits are near all-time highs.”
  • Also, Youngkin “is proposing to decrease Virginia’s top individual income tax bracket, from 5.75% to 5.50% ($333.3 million). Since high-income earners benefit the most from top rate income tax reductions, this makes the state tax code less fair.”

In sum, not only are Youngkin’s tax proposals regressive and destructive, they are also NOT what Virginians want – not at all. So yeah, Youngkin’s managed that neat political trick of being wrong not just on policy but also on politics. Brilliant, huh? LOL

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