Cuccinelli Proposed Cutting Taxes By $1.4 Billion By Reducing Income And Corporate Taxes. According to NBC Washington, “Virginia Republican gubernatorial candidate Ken Cuccinelli released his tax plan Tuesday that would cut about $1.4 billion in taxes by reducing the state’s personal income and corporate tax rate. His proposed plan, “Economic Growth and Virginia Jobs Plan,” would reduce the personal income tax from 5.75 percent to 5 percent and the corporate tax rate from 6 percent to 4 percent.” [NBC Washington, 5/8/13]
More Than 75% Of The Tax Cuts Would Go To Households Earning At Least $108,000 A Year. According to the Washington Post, “The Richmond-based Commonwealth Institute for Fiscal Analysis examined one piece of that proposal — Cuccinelli’s plan to reduce Virginia’s top individual tax rate from 5.75 percent to 5 percent — and found that the state’s wealthiest citizens would benefit the most. ‘Nearly 4 in 10 Virginians (39 percent), mostly low- and moderate-income households, would see no reduction in their income tax bill,’ the institute said. ‘No Virginian earning less than $21,000 would receive a tax cut under the proposal and only half of all families earning between $21,000 and $39,000 would see their taxes reduced.’ More than three-fourths of the benefits of the tax cut would go to households earning at least $108,000, the analysis found, , while middle-class taxpayers would get a relatively small cut. [Washington Post, 5/16/13]
Washington Post Editorial: Like Mitt Romney, Cuccinelli Refuses To Say How He Would Pay For His Tax Plan. According to a Washington Post staff editorial, “Like Mitt Romney, Virginia Attorney General Ken Cuccinelli II wants to cut taxes — by a lot. Like Mr. Romney, Mr. Cuccinelli, the Republican candidate for governor, promises this would not reduce government revenues by a dime, since he would also eliminate significant tax loopholes and deductions. And like Mr. Romney, Mr. Cuccinelli adamantly refuses to identify these loopholes and deductions. Why would Mr. Cuccinelli expect Virginians to fall for this?” [Washington Post, 5/9/13]
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