Virginia has a new budget, and while the usual suspects are squawking about budget cuts, Norm @ TQ has been banging on about a tax increase that should be getting more attention:
On his Facebook page, Sen. Mark Obenshain has a few notes about the budget, including this:
There appears to be a significant tax increase on manufacturers that has been embedded into the budget the elimination of a deduction for manufacturers on domestic production (I hope the Governor will revisit this in his review and that he might offer an amendment.
I don’t believe the deduction was eliminated, just made much smaller than it would have been had Virginia fully-conformed its rate to federal tax law.
Still, shaving the deduction does tend to put a crimp in the jobs mantra the Assembly and the Governor have been chanting throughout the winter.
I’m with Norm; the tax appears to be smaller, but it’s still there.
Obenshain, BTW, was one of only 6 Senators (all Republicans) who voted against the budget. The House vote isn’t on line yet, but among the 23 noes was local Delegate Mark Cole (FLS).
[...] this budget avoided most of the tax increases DNC-Chairman Kaine tried to inflict upon us (although one did survive), but am I really supposed to believe that no one could find $11.3 million (FY10-FY12 savings) [...]
[...] this budget avoided most of the tax increases DNC-Chairman Kaine tried to inflict upon us (although one did survive), but am I really supposed to believe that no one could find $11.3 million (FY10-FY12 savings) [...]
[...] Indeed, Norm, and while they’re looking at the “accelerated payments” nonsense, the Governor and Legislature may also want to look at junking the manufacturer’s tax they snuck in. [...]
[...] Indeed, Norm, and while they’re looking at the “accelerated payments” nonsense, the Governor and Legislature may also want to look at junking the manufacturer’s tax they snuck in. [...]
[...] Marshall (and Chris Beer) Posted on July 27, 2010 by D.J. McGuire After I bang on against the manufacturer’s tax hike that was snuck into the Virginia budget, Delegate Bob Marshall proposes a constitutional amendment [...]
[...] to go Bob Marshall (and Chris Beer) After I bang on against the manufacturer’s tax hike that was snuck into the Virginia budget, Delegate Bob Marshall proposes a constitutional amendment [...]
[...] been “deconstructing” governor McDonnell’s fiscal claims for some time. Here and here respectively are recent posts from the ever-watchful Tertium Quids, and from Right-Wing Liberal. [...]
[...] out a tax deduction for manufacturing. In the end it was shaved by a third, but that’s still a tax increase. Eliminating the entire deduction was supposed to bring in $30 million, so we’re looking [...]
[...] out a tax deduction for manufacturing. In the end it was shaved by a third, but that’s still a tax increase. Eliminating the entire deduction was supposed to bring in $30 million, so we’re looking [...]
[...] And contrary to elite opinion, he has raised taxes, as Tertium Quids Norman Leahy pointed out, as well as The Right Wing Liberal here. [...]
[...] Perhaps we should have seen this coming with the manufacturer’s tax increase. [...]
[...] Perhaps we should have seen this coming with the manufacturer’s tax increase. [...]
[...] have been ‘deconstructing’ governor McDonnell’s fiscal claims for some time. Here and here respectively are recent posts from the ever-watchful Tertium Quids, and from Right-Wing Liberal. [...]