News Release: Proposed Budget Advances Critical Investments, But More Is Needed to Continue Transformative Investments

FOR IMMEDIATE RELEASE

December 16, 2021

Contact: 

Rodrigo Soto, The Commonwealth Institute

rodrigo@thecommonwealthinstitute.org 

Without new, sustainable revenue, Virginia will not be able to fully invest in education, families, health care, and more.

VIRGINIA – Today, the Tax Fairness for Virginia coalition released the following statement after Gov. Northam’s budget release:
 
“Gov. Northam’s final budget for the upcoming biennium is a strong starting point for lawmakers to work from, with important investments in raising teacher pay, strengthening the state Earned Income Tax Credit, and more. 
 
“With nearly $1.1 billion in remaining American Rescue Plan Act (ARPA) funds and higher than anticipated revenue projections over the next two fiscal years, Virginia lawmakers have the opportunity to strengthen the proposed budget and begin to address long-standing under-investments that have disproportionately hurt Black, brown, and white working class people. 
 
“What’s missing from Northam’s budget, however, and what lawmakers need to consider is the ability to sustain long-term investments to adequately fund our schools, make health care both accessible and affordable, lift up families with low incomes, and more. With ARPA funds expiring in a few years, and economic uncertainty in the future, policies that promote tax justice will be critical to raising the revenue necessary to accomplish our shared goals. Lawmakers must advance bold policies to ensure extremely wealthy individuals and large, profitable corporations pay their fair share of taxes. Doing so would strengthen Virginia’s ability to navigate another economic downturn and break down barriers to opportunity that have existed for generations. 
 
“In the upcoming year, Virginia lawmakers can advance tax justice with commonsense reforms like unitary combined reporting, updating Virginia’s antiquated tax laws to keep up with a changing digital economy, and establishing a more fair income tax bracket, where people pay a higher tax rate as their ability to pay increases. It is time that everyone pays their fair share of taxes so that we can create opportunities for all of us to thrive.” 

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Tax Fairness for Virginia is a diverse, multi-issue coalition of people and organizations that recognize the need for reforming how Virginia raises revenue. Doing so would make sure we can invest in our schools, in our communities, in our healthcare, and in our environment. Learn more at www.taxfairnessforvirginia.org/