Youngkin touts tax plan, pushing for $1 billion in cuts
Governor Glenn Youngkin is pushing for an additional $1 billion in tax relief. That's on top of the $4 billion approved by the General Assembly last year. He touted his plan during a stop in Salem Thursday.
In front of a crowd of supporters and workers at a heavy equipment servicing facility, Youngkin argued other states are outcompeting Virginia.
During the latest fiscal year, Youngkin said there was more than $400 billion in economic development capital investments across the country.
“Virginia’s share of that was 3.4%. North Carolina was nearly double that. Texas – 8.8%," he explained. "If we want to get to the next level, we gotta get moving, because I want to beat Texas, I want to beat Georgia and God knows I want to beat North Carolina…”
To do that, the governor wants to again cut taxes – both for individuals and businesses. He also wants to investment in Virginia's workforce development efforts – with a specific focus on high school students.
“Dual enrollment is targeted with our community colleges is targeted towards helping these students gain the skills they need through industry-recognized credentials," Youngkin said. "We already have much of this in place in certain school districts, but not across the Commonwealth. And then these students can in fact graduate from high school and they can decide – ‘Do I want to go to Virginia Tech, or do I want to go work right away?’”
Youngkin’s plan also earmarks $500 million for business ready sites. He said states that compete with Virginia invest in planning, grading and transportation infrastructure near those sites ahead of time – making them more attractive for potential business development. The governor wants to change that.
“We in fact have identified sites. There have been applications made on behalf of those sites and we’re investing in all of that to close the gap," Youngkin said. "When a company says, ‘I’m ready to come,’ we’ll say, ‘great! We’ll have a shovel in the ground in 12 months.’”
During the event, the Democratic Party of Virginia released a statement calling Youngkin’s plan a tax giveaway for the ultra-wealthy and the biggest corporations.
This report, provided by Virginia Public Radio, was made possible with support from the Virginia Education Association.