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I hope you are doing well as school is back in session and the weather is cooling off.
More Tax Relief on its Way!
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Last week, the legislature re-convened in Richmond for a one-day Special Session to pass amendments to the current two-year budget. While the Democrats that control the Virginia Senate managed to delay by several months and severely limit the tax relief we were able to deliver for Virginians suffering under Bidenflation, I'm happy to report that we have been able to deliver about $5 Billion in tax
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relief during my current term in the House of Delegates. More details on that are below.
Voting Starts In One Week!
The future of our Commonwealth and our communities is very much in the balance right now. Virginia Democrats are desperately trying to maintain control of the Senate, retake a majority in the House, and take over local Boards of Supervisors, School Boards, and Constitutional Officer positions.
The Democrats are rejoicing that they were able to keep me off the November ballot by infiltrating and corrupting our Republican Primary in SD-1, and they're continuing to try and steal offices in very-conservative Frederick County by hiding under the "Frederick First" disguise.
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Please support and vote for our conservative candidates! Early-in-person voting begins Friday, Sept. 22 at your local Voter Registrar's office.
I Hope to See You at A Great Free Event Next Week!
I'll be speaking next Friday at an event for Juan Pablo Segura, our Republican Nominee for the Western Loudoun seat in the Virginia State Senate, hosted by my friends Tom and Heather West. There is no cost to attend. Families are welcome, as it will be a 100% pro-life crowd. I am confident you will like what you hear and be inclined to both vote for Juan Pablo Segura and contribute to his campaign.
If you can attend, please RSVP here.
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State Tax Relief on its Way!
Over the last two years, in spite of Democrat opposition, Republicans have passed $5 billion in tax cuts to Virginia’s citizens, with more to come in 2024 and beyond.
Most of that was approved by the 2022 General Assembly and is now in effect for a second full tax year, but the 2023 General Assembly just sweetened the pot. The Democrat-delayed budget compromise approved last week, and signed by the Governor yesterday, added more than $1 billion in one-time refunds and long-term tax cuts. Here's a summary of the cuts from Stephen Haner published by the Thomas Jefferson Institute here.
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Two years ago, the standard deduction claimed by most Virginians paying income tax was $9,000 for a married couple, and that is now $16,000 and for Tax Year 2024 will go to $17,000. That saves that couple up to $1,265 over the three years. It lowers total tax income taxes more than $1 billion per year.
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People paying income tax (and remember many business operators pay on the individual tax returns) will now receive a second tax rebate. The rebate was up to $500 per couple for 2022 and will be another $400 for 2023, adding up to $900. They returned almost $2 billion.Looked at another way, that is equivalent to shielding more than $15,000 more of that couple’s joint income from tax. For many low-income Virginians, their income tax liability was wiped out entirely.
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The sales tax on unprepared food purchases was 2.5% two years ago and is now 1%. Basically, the state share of the tax is gone but the local tax remains. That was estimated to save Virginians $115 million in the fiscal year that ended June 30. Rising grocery prices make that tax break better every year.
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Two years ago, Virginia provided no special tax treatment for military retirement pay. The 2022 General Assembly created a subtraction for that income, phasing in over a few steps, for retirees above a certain age. The 2023 compromise has now extended that tax break to younger retirees, who will eventually be able to shield another $40,000 of their income from tax. That was worth almost $145 million per year with the age floor, and without the age floor it is almost a $200 million annual tax break.
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Two years ago, Virginia recognized the Earned Income Tax Credit, a federal provision that provides a major tax break for lower income people with jobs. Now Virginia’s EITC not only lowers their taxes, but for some it provides a refund, in effect a grant to supplement their income. The value of that to those families was pegged at $159 million in the fiscal year that ended June 30. It was not changed by the recent Assembly actions.
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Thanks again for the honor of serving you. I continue to serve the people of the 33rd House District as your elected representative until January 9th, 2024. Please let me know if there's anything I can do to help you.
Sincerely,
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COMMITTEES
COMMISSIONS & OTHER APPOINTMENTS
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Get in touch and stay connected:
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info@voteLaRock.us
District Office: P.O. Box 29, Berryville, VA 22611 (540) 751-8364
Paid for and authorized by Dave LaRock for Virginia
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