Youngkin: $2 Billion Surplus Sign Virginia Taxes too High
July 24, 2022 | Virginia
Virginia recorded a budget surplus of nearly $2 billion at the close of the fiscal year, which Gov. Glenn Youngkin believes is a sign taxpayers are forced to give too much money to the government.
“While I am pleased that our additional revenue can be reinvested in Virginia, the Commonwealth’s general fund revenue surplus confirms that Virginians have been overtaxed for way too long,” Youngkin said in a statement.
“As inflation hits another 40-year high, I’m proud that our budget provides almost $4 billion in tax relief to Virginians, the largest tax relief in the Commonwealth’s history,” the governor added. “We have a lot of work left to do to recover from the pandemic, but Virginia’s economy is demonstrating promising economic and company growth with major companies such as Boeing, Raytheon, and LEGO moving their headquarters to Virginia.”
The 2022 fiscal year ended with a surplus of $1.94 billion in the general fund. Revenue collections rose about 16.3%, which was nearly double the projected 8.5% growth…. (Excerpt from Headline USA)
