October 17, 2017
Average Virginian Families Provided a Pittance from GOP-Trump Tax Plan, Top 1% Would See Windfall
Who in Virginia would benefit from the type of tax cuts proposed by the Trump administration and congressional Republicans? New analysis by the Institute on Taxation and Economic Policy released in October shows that nearly 80 percent of all of the tax cuts in Virginia would go to the top 1 percent–households with an average of income of $1.7 million.
Middle income households with incomes between $23,100 and $123,900 would typically see tax cuts ranging from $200 to $380, and many households with incomes between $123,900 and $264,100 would actually see a tax increase. Meanwhile, the top 1 percent of earners would see average tax cuts of $83,010.
While a tax break of a couple hundred dollars would certainly help some middle income families, the massive breaks given to the wealthiest residents in the state would mean less revenue to support important services like schools, roads and health care. Our communities will continue to have similar needs moving forward that require everyone to pitch in.
What we need is tax reform that ensures everyone contributes their fair share to build the thriving communities that we all want to live in. To get there though, we can’t afford to provide lucrative tax giveaways to those who need it least while providing a relative pittance to average Virginians.
Budget & Revenue