Tax relief is still on Gov. Glenn Youngkin‘s agenda for the General Assembly next year even though he and the Democrats who now control the House of Delegates and state Senate are a long way apart on the issue, he told Bloomberg TV.
Gov. Glenn Youngkin talks politics and economics with Bloomberg TV on Monday. "At the end of the day," Youngkin said, "I think that we're planning for a mild recession next year. I'm going to make sure that we're prepared and, if we don't have one, then Virginians will be a lot better off.”
The deal includes more than $900 million in tax cuts, almost all of it through one-time payments of $200 to individual taxpayers and $400 to couples filing jointly.
It does not include cuts in the corporate and individual tax rates that Gov. Glenn Youngkin had proposed, but it would raise the standard deduction for taxpayers who don't itemize their deductions by half of what the governor had sought and would eliminate the age limit on a new exemption for military retirement income.
House Minority Leader Todd Gilbert, R-Shenandoah, says Democrats have "impugned" the governor and should not take offense when he criticizes their agenda.
$1 billion in tax cuts: 4 things to know about the state budget deal
General Assembly budget leaders have reached an agreement that ends a six-month standoff on revisions to Virginia's two-year budget.
The deal includes more than $900 million in tax cuts, almost all of it through one-time payments of $200 to individual taxpayers and $400 to couples filing jointly.
It does not include cuts in the corporate and individual tax rates that Gov. Glenn Youngkin had proposed, but it would raise the standard deduction for taxpayers who don't itemize their deductions by half of what the governor had sought and would eliminate the age limit on a new exemption for military retirement income.
House Minority Leader Todd Gilbert, R-Shenandoah, says Democrats have "impugned" the governor and should not take offense when he criticizes their agenda.
Gov. Glenn Youngkin talks politics and economics with Bloomberg TV on Monday. "At the end of the day," Youngkin said, "I think that we're planning for a mild recession next year. I'm going to make sure that we're prepared and, if we don't have one, then Virginians will be a lot better off.”
