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A look at what made it through the General Assembly, and what didn't

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The Virginia General Assembly is currently in session, focusing on Governor Glenn Youngkin's proposed budget, which includes significant tax cuts. The budget proposal suggests reducing the top individual income tax rate from 5.75% to 5.5% and the corporate tax rate from 6% to 5%, alongside increasing the standard deduction. This plan has sparked debate, with some legislators and analysts questioning the sustainability of these cuts given Virginia's revenue forecasts. Critics argue that the tax reductions could lead to future budget shortfalls, especially with potential economic downturns on the horizon. Additionally, there's contention over how these tax changes might disproportionately benefit higher earners. Meanwhile, other legislative priorities include education funding, mental health services, and infrastructure, with both parties looking to negotiate terms that align with their fiscal philosophies and constituent needs.

Read the Full Richmond Article at:
[ https://richmond.com/news/state-regional/government-politics/virginia-general-assembly-youngkin-taxes-budget/article_8adfb244-efcc-11ef-b23a-3f6a7cc30cd4.html ]