Income tax, state; tax brackets, etc., adjusted for inflation. (HB432)

Introduced By

Del. Jim LeMunyon (R-Oak Hill)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Individual income tax; adjusted for inflation. Adjusts Virginia's individual income tax brackets, standard deduction, and personal exemption amounts annually beginning with the 2014 taxable year by the percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U), for all items, from July 1 through June 30 for the year immediately preceding the taxable year. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/04/2014Committee
01/04/2014Prefiled and ordered printed; offered 01/08/14 14100651D
01/04/2014Referred to Committee on Finance
01/30/2014Impact statement from TAX (HB432)
02/12/2014Left in Finance

Comments

Gregg J writes:

Citizens making a non living wage ($17K) pay the same income tax rate (5.75%) as millionaires? On what planet does this make sense? Clearly, the state income tax needs an overhaul. No one making a non living wage should pay the top tax rate...period. Incomes of $50K or less should pay the lowest tax rate (2.5%). Incomes between $50K and $100K should pay 4.5%. Incomes between $100K and $150K should pay 6.5%. Incomes between $150K and $200K should pay 8.5%. Incomes above $200K should pay 10.5%. How on earth do you expect upward financial mobility with the present tax burden shifted onto the working poor and middle class. How do you expect to pay for infrastructure with this ridiculous regressive tax structure? Where is the leadeship?