Ed Gillespie rolled out a bold tax cut plan yesterday he calls â€œCutting Taxes for ALL Virginiansâ€ that is long overdue for individuals and small business owners in Virginia.
His plan is aimed at â€œturn(ing) our economy around by emphasizing natural, organic economic growth instead of a top-down government approach that picks winners and losers with our taxpayer dollars.â€
The highlights of Gillespie’s proposal are as follows:
– Provides the FIRST income tax rate cut since rates were established in 1972
– Cuts individual income tax rates by ten percent across-the-board, putting nearly $1,300 per year back into the pocket of a family of four
– Sparks natural, organic economic growth to diversify our economy and create more than 50,000 new full-time private-sector jobs in five years
– Puts Virginia on a path toward meaningful local business tax reform
Phased-in over three years and fully funded within existing revenue growth to ensure core government services are protected, preserving $2 billion in projected revenue growth for spending over five years
For most small business owners like myself, who pay taxes as individuals and not as a corporate entity, this is huge! We will be able to utilize our tax savings to grow our business, pay our employees more or a host of other benefits.
Just as important are the details. The Gillespie plan also completely eliminates the BPOL Tax, the Machinery & Tools Tax, and the Merchantâ€™s Capital Tax that have for so long punished small businesses. By working closely with the local governments, Ed Gillespie plan is to lift the yoke that has been choking small business growth in Virginia for generations, spurring investment and creating thousands of jobs in all areas of the stateâ€¦not just those regions of the state growing because of the growth of government.
This plan is the product of an enormous amount of work, largely by volunteer experts, economists, policy analysts and others who are backing Ed and helping to make our Commonwealth great again. It is a serious and well-developed proposal that can work, and that can do so without allowing the Democrats to hold hostage public funding over schools, emergency services, and other public priorities. Unlike proposals from other candidates over the years, this proposal is not a half-baked stunt to generate headlines and fool the gullible into thinking the candidate is conservative.
Instead, this is what actual conservative leadership looks like my friends, putting into action the principles of the free market, small government, and fiscal responsibility that are the hallmarks of our Creed.
This is why so many of us believe Ed Gillespie is the leader Virginia is looking for.
See more about this bold new plan for “Cutting Taxes for All Virginians.”
Vice Chairman, Fifth District Republican Committee