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Results tagged “Taxes”

January 18, 2013

The Commonwealth Institute reports, "The tax and fee hikes proposed by Governor McDonnell to fund transportation will take a far larger share of income from Virginians at the low end of the income spectrum than those with higher incomes who are better able to pay. Instead of approving the plan as proposed, lawmakers should modify it to make it more fair."

Progressive Point: People who do well in America ought to do well by America, so everyone has a fair shot. But Bob McDonnell's tax plan hits poor Virginia families the hardest by raising taxes on everything we buy while at the same time keeping tax giveaways and loopholes for campaign donors and big corporations.

Working families pay their taxes, but thousands of millionaires and big corporations that benefit the most from how our taxes are invested in America give back nothing at all. McDonnell's plan would put a higher burden on low-income Virginians. We need to rebuild the middle class, not shrink it one American family at a time.

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  • Virginia ranks 7th in the country in per capita income, but 47th in per capita spending on transportation. The reason for such a large imbalance is the majority of Virginia's transportation funding comes from the fuel tax which currently sits at just 17 cents per gallon. However, the gas tax would be "35 cents today had it been indexed for inflation." (Bob Chase, president of the Northern Virginia Transportation Alliance, Daily Press, December 9, 2011)

  • "Virginia already has a regressive tax system, with the richest 1 percent paying a 5.2 percent effective tax rate, while the poorest Virginians (those making less than $19,000) pay 8.8 percent, according to the Institute on Taxation and Economic Policy. Increasing the sales tax is only going to make that disparity worse, while making those who don't use the state's highways pay more for their upkeep." (ThinkProgress, January 14, 2013)

  • Virginia has not provided new funding for transportation since 1987. Within five years, "No state funds will be available for new highway construction projects; The state will be unable to provide the required matching funds to bring to Virginia all the federal transportation revenue it is otherwise eligible to receive; and Virginia won't have enough money to keep its existing roads, bridges and tunnels up to proper maintenance standards." (Richmond Times-Dispatch, June 8, 2012)

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September 19, 2012

The Washington Post reports, "President Obama holds a clear lead over Mitt Romney in Virginia...according to a new Washington Post poll. Obama leads his Republican rival 52 percent to 44 percent among likely voters... [B]y 54 percent to 37 percent, Virginia voters say Obama better understands the economic problems that Americans are facing. The survey was completed before a video was leaked that showed Romney saying at a fundraising event that 47 percent of Americans consider themselves 'victims' and are dependent on the government."

Progressive Point: There's no question that American families work hard. So it's just plain insulting that Mitt Romney thinks 47% of us are freeloaders who aren't worth his time. Who are these people Romney is accusing of being moochers? Our military serving in war zones, retired seniors, working parents, students, and disabled kids. In fact, just about everybody pays taxes and most middle class families are paying a bigger percentage than Romney.

Before Mitt Romney judges other people about paying federal income taxes, he should come clean about the tax returns he's hiding from voters. First Romney didn't want us to know how little he pays in taxes. Then he didn't want us to know how much more we'd pay under his plan--and how much less he'd pay. Romney apparently thinks that if you're struggling, you're not struggling enough. That's the only way he could justify raising taxes on the military, the elderly, students, and working parents while writing us off as not worth his time.

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  • More than 60% of the families Mitt Romney called freeloaders actually are working, but they just don't make enough income to owe federal income taxes. (Center on Budget and Policy Priorities, September 17, 2012)

  • 44% of families that don't pay federal income taxes are seniors who receive tax benefits. (Tax Policy Center, July 2011)

  • Mitt Romney in the last two years has paid an average tax rate of just 14% off his already aquired wealth--a rate lower than the average middle-class family. (Huffington Post, January 23, 2012)

  • Under Paul Ryan's budget plan Romney would end up paying less than even 1% in income taxes. (The Atlantic, August 11, 2012)

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Share on TwitterTweet it: Romney thinks the military, seniors, students, and working parents aren't worth his time http://bit.ly/UoZsAT via @ProgressVA

September 10, 2012

The Washington Examiner reports, "Sen. Steve Martin, R-Chesterfield, has introduced legislation that would eliminate the state's 6 percent corporate income tax starting in 2014, which would make Virginia the sixth state without one... Corporate income taxes make up about 5 percent of state revenues, the third largest chunk after the individual income and sales taxes, and totaled about $860 million last year... 'Unless he has another source of revenue, it's fiscally irresponsible at a time when we need an increase in revenues,' said Sen. Don McEachin, D-Henrico."

Progressive Point: Our leaders should work for our families, not for big corporate donors and the wealthiest few. Senator Martin, a candidate for the GOP nomination for Lt. Governor, has proposed cutting hundreds of millions of dollars from schools, health care, and public safety to pay for even more corporate tax breaks. This is the kind of out-of-touch legislation that rigs our economy for the 1% while middle class families struggle to get by. 

Senator Martin's proposal would gut the education, healthcare, and public safety programs that make our communities great. When Virginia families are struggling, cutting schools, roads, and public safety for more 1% tax breaks is a reckless policy that won't grow our economy. Virginia works best when we value working families and everyone pays their fair share. Corporations have to play by the same rules we do so our families and small businesses can get a fair shot.

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  • Sen. Martin's legislation would completely eliminate Virginia's corporate tax rate, which makes up about 5% of our entire state revenues - the 3rd largest source of all state revenue. (Washington Examiner, September 9, 2012)

  • According to a recent report by 24/7 Wall St. Virginia has cut support to localities by 8.5 percent between 2009 and 2010 which equals a loss of $1 billion for communities, which was the 3rd worst cut in the entire country. (Roanoke Times, July 9, 2012)

  • Virginia loses $12.5 billion in revenue a year through credits and giveaways that receive little-to-no scrutiny and accountability. (JLARC)

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July 19, 2012

The Richmond Times-Dispatch reports, "A new statewide poll in Virginia shows a clear majority support President Barack Obama's proposal to let tax breaks lapse for those earning more than $250,000 annually, but half still want his health care law repealed. Fifty-nine percent of those surveyed in a Quinnipiac University poll released Thursday approve of allowing the tax cuts established by former President George W. Bush expire for households earning $250,000 or more if it will help cut the federal budget deficit."

Progressive Point: At a time when Virginia families and small businesses are working harder than ever, our tax system is rigged in favor of the wealthy and big corporations. It's time the tax code was fair to everyone who works hard and plays by the rules. But Mitt Romney thinks it's ok that he pays lower tax rates than Virginia's teachers, nurses, or firefighters.

The President's plan would finally end the wasteful Bush tax cuts that only the richest 2% can get, but conservatives in Congress are trying to protect them by holding tax cuts for everyone else hostage. Our economy works best when we value working families and everyone pays their fair share. We need leaders who'll make sure Wall Street and the rest of the 1% play by the rules, so Virginia families and small businesses can get a fair shot, too.

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  • Only 2% of American households make more than $250,000 a year. (PolitiFact, April 10, 2010)

  • While a middle-class person making $50,000 a year gets a tax break of only about $1,000 from the Bush tax cuts, a millionaire making over $1 million gets at least $150,000. (Tax Policy Center)

  • Mitt Romney is worth up to $250 million, according to Personal Financial Disclosure forms filed with the Federal Election Commission. (OpenSecrets.org)

  • Mitt Romney pays an effective tax rate of just 14 percent. (TIME Magazine, October 3, 2011)

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Share on TwitterTweet it: It's time for a tax code that's fair to everyone http://bit.ly/Mnrda8 via @ProgressVA

May 4, 2012

The Virginian-Pilot editorializes, "The practice of siphoning money from municipal coffers to support state responsibilities has provided Virginia's government with a solid stream of revenue to weather tough financial times... Opponents note, correctly, that state lawmakers are simply trying to change their own rules to get more money without dirtying their hands with calls for a tax increase or cuts to services."

Progressive Point: For Virginia families, fiscal responsibility means making the money to pay your bills. But Governor Bob McDonnell's refusal to raise revenue to pay for the basic functions of government has left him raiding coffers in our local communities. Our cities and counties work hard for us: providing quality public education and public safety protections. When Bob McDonnell raids local bank accounts, he threatens our local communities. 

Our elected officials shouldn't pass on tough choices--but that's exactly what Bob McDonnell is doing. When working Virginians have bills to pay we can't simply take money from someone else to pay them. We can't pass the buck on our bills and Bob McDonnell can't either. 

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  • Virginia ranks 7th in the country in per capita income, but 47th in per capita spending on transportation. The reason for such a large imbalance is the majority of Virginia's transportation funding comes from the fuel tax which currently sits at just 17 cents per gallon. However, the gas tax would be "35 cents today had it been indexed for inflation." (Bob Chase, president of the Northern Virginia Transportation Alliance, Daily Press, December 9, 2011)

  • Bob McDonnell is currently spending $400,000 from his PAC on TV ads following a drop in his approval rating in a poll last month. (The Roanoke Times, April 29, 2012)

  • Virginia loses $12.5 billion in revenue a year through credits and giveaways that receive little-to-no scrutiny and accountability. (JLARC)

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Repeal the Romney Rule

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October 26, 2011

Republican Presidential candidate Mitt Romney is in Fairfax today, meeting with Governor Bob McDonnell, Lt. Governor Bill Bolling, and Republican legislative candidates. Romney is worth up to $250 million but pays an effective tax rate of just 14%.The Romney Rule consists of tax loopholes that entitle millionaires like Mitt Romney to cheat the system and pay a lower rate than many hardworking middle-class Americans. In contrast, President Obama's proposed Buffett Rule states no millionaire or billionaire, who makes most or all of their income from their wealth, should pay a lower tax rate than middle-class Americans, who earn most or all of their money from working. In addition to paying a lower effective tax rate that many middle-class Virginians, Mitt Romney has refused to release his tax returns.

The Progressive Point: America was founded as a country where we reward hard work more than how much money anyone's family has. But Mitt Romney thinks its ok that he pays lower taxes than a teacher, nurse, or firefighter. Virginians and Americans are angry and frustrated with these "Wall Street First" policies that prioritize millionaires and corporate sponsors over middle-class families. Virginians are demanding an end to these policies that allow the super-rich to have loopholes and perks while the middle class is left paying. Its time to repeal the "Romney Rule" and other unfair tax loopholes that let millionaires and billionaires pay a lower tax rate than middle-class Americans who work for a living.

Get the Facts:

  • Mitt Romney is worth up to $250 million, according to Personal Financial Disclosure forms filed with the Federal Election Commission.
  • Mitt Romney pays an effective tax rate of just 14 percent, according to a recent report in TIME magazine.
  • Despite running for elective office for more than two decades, Mitt Romney has never released his tax returns.
  • In 1994, when Mitt Romney was running against the late Senator Ted Kennedy, Romney called on Kennedy to release his tax returns to prove he had "nothing to hide."
  • During Romney's 2002 gubernatorial campaign, he called on his opponent's husband to release his tax returns.  His opponent released her tax returns, but Romney refused to release his own tax returns.
  • Barack Obama released his tax returns when running for Congress in 2004, for the Senate in 2006, as a presidential candidate in both 2007 and 2008, and, of course, while he has been president.

 

Tweet it: Repeal the Romney Rule: Romney must release his tax returns so we can see if he's paying his fair share http://bit.ly/sypZkb via @ProgressVA

 

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October 7, 2011

Tomorrow, GOP Presidential Candidate and pizza mogul Herman Cain travels to Lynchburg and Richmond. In advance of that visit, we're previewing Cain's 9-9-9 tax plan and why its bad news for Virginia.

Cain's 9-9-9 plan: Cain's economic plan would scrap the current tax code and replace it with a 9% flat tax on personal income, a 9% flat tax on corporate income, and a 9% sales tax. Economists agree the plan is a regressive tax model that would increase taxes on poor Americans while also significantly decreasing federal tax revenue, resulting in either an exploding deficit or massive cuts to federal safety net programs.

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