The General Assembly returns for a special session Wednesday morning on the Virginia state budget, with Gov. Glenn Youngkin (R) facing concessions on tax cuts.
Those cuts included reducing the corporate tax rate, trimming the top marginal rate for individuals and increasing the standard deduction, all on top of $4 billion in tax cuts the General Assembly passed last year.Democrats balked at the recurring cuts — which would decrease state funds into the future — and instead proposed greater increases for spending priorities such as public education, teacher and state employee pay raises and mental health services.
Last month, House Republican negotiators partially conceded to Senate Democrats and dropped most of the recurring tax cuts, settling instead for one-time taxpayer rebates of $200 for individuals and $400 for couples. The deal also would increase the standard deduction to $8,500 from $8,000 for single filers and to $17,000 from $16,000 for married couples filing jointly.
Also included: restoration of the back-to-school sales tax holiday that lawmakers and the governor all forgot to reenact this year, as well as higher spending on education and mental health.“The House Republicans wanted a budget that prioritized tax cuts for big corporations over every day Virginians, but Democrats refused to let the GOP off the hook until an agreement could be made that invested in the people and the future of the Commonwealth,” House Minority Leader Don L. Scott Jr.
All 140 seats in the legislature are on the Nov. 7 ballot, with control of the General Assembly at stake. Republicans controlled the House by 52-48 in this year’s session, while Democrats controlled the Senate 22-18. Flipping only a few seats in either chamber could give Republicans total power to enact Youngkin’s conservative agenda, or — in the other direction — keep Democrats in position to block it.
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