Some of the proposed tax cuts the governor is making for the state's two-year spending plan are conditioned on economic health.
The cuts would be on top of $4 billion in tax reductions the General Assembly approved and Youngkin signed into law earlier this year. They would hit at a time when Youngkin said he expects the national economy to face a downturn or even recession, a prospect that many lawmakers have said makes them leery of reducing state revenue.
Youngkin also would decrease the top marginal tax rate to 5.5 percent from 5.75 percent, a savings for higher income earners that would come at a cost to the state of $330 million in the current budget and $700 million per year thereafter, according to Youngkin administration staff estimates. Youngkin outlined his proposals Thursday morning to members of the General Assembly’s money committees, who will consider them as amendments to the state’s two-year spending plan when the legislature convenes its next session on Jan. 12.
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