Virginia Gov. Glenn Youngkin announced a plan Thursday that seeks to significantly cut taxes for state residents and businesses while creating more jobs.
According to the president, creating jobs in the state begins by addressing corporate and individual taxes. Under this plan, the maximum individual wage tax rate would drop from 5.75% to 5.5%, representing a reduction of $333 million that would return to the pockets of residents.
On the other hand, the tax reduction project will also incorporate financing to create job opportunities and prepare future workers. The plan would be finalized by June of this year and would include the following:
- $4 trillion in tax cuts
- job training
- The creation of land enabled for new constructions
- Investment in renewable and affordable energy
- low income housing
Youngkin compared the initiative to similar projects that other states have implemented and, from his perspective, have increased people’s confidence in government.
“Why are North Carolina and these other states winning? Because those states are already and are continuing to cut their taxes and therefore people have confidence looking to the future,” he concluded.
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