Virginia's general fund tax receipts grew 45.2 % over the last four fiscal years, slightly lower than the 50% growth Gov. Glenn Youngkin has claimed.
The general fund has three major money sources: personal income tax, corporate income tax and the sales tax. These account for 93% of the general fund’s tax receipts, and each revenue stream significantly grew during the last four years even as tax rates stood pat and Virginia’s population barely grew.are by far the largest source of general fund money, kicking in about two-thirds of the revenue. Their net revenue grew over the last four budget years from $14.1 billion to $20.4 billion — a 44.
Net withholding tax collections rose from $10.6 billion to $13.6 billion during the last four budget years — a 28.3% increase. Much of the increase came from salary growth among upper income workers, according to a November 2022stated on January 6, 2023 in a video shared on Facebook “Americans who worked through the pandemic are being paid up to $26,000 by qualifying for the Employee Retention Credit.”Gross non-withholding tax receipts rose from $3.5 billion to $6.8 billion — a 94.3% increase. The gain was caused mostly by people cashing in profits from the soaring stock market of the last four years.revenue increased from $3.5 billion to $4.6 billion over the last four budget years — a 31.4% increase.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Republican Governor Nixes Thousands of Green Energy Jobs, Fearmongers About CommunismVirginia Gov. Glenn Youngkin has removed his state from the running for a Ford battery plant.
Read more »
Va. Gov. Youngkin’s first year a clash of politics and policyVirginia Gov. Glenn Youngkin (R) arrived a year ago as a political star. Then he confronted the reality of governing a diverse state with a divided legislature.
Read more »
Joint Ford-China electric vehicle battery plant is contrary to American interestsWhen Gov. Glenn Youngkin decided to remove the commonwealth of Virginia from competing with Michigan for an electric vehicle battery plant owned by Ford Motor Co. but operated by a Chinese industrial giant, he acted both in Virginia’s and America’s best interests.
Read more »
Court authorizes Flare token airdrop to eligible Celsius accountsChief Bankruptcy Judge Martin Glenn has authorized Flare network airdrops to eligible Celsius account holders.
Read more »