FAIR REVENUES FOR VIRGINIA’S FUTURE MEG WIEHE STATE TAX POLICY DIRECTOR INSTITUTE ON TAXATION AND ECONOMIC POLICY (ITEP) Inform + Engage Policy Summit.

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Presentation transcript:

FAIR REVENUES FOR VIRGINIA’S FUTURE MEG WIEHE STATE TAX POLICY DIRECTOR INSTITUTE ON TAXATION AND ECONOMIC POLICY (ITEP) Inform + Engage Policy Summit The Commonwealth Institute

Virginia’s Tax System is … Outdated Narrow Upside Down

Who Pays Taxes in Virginia?

Ideas to Fix Virginia’s Broken Tax System Broaden the base of the personal income tax, strengthen progressive rate structure and enact refundable credits to offset sales and property taxes paid by low-income families. Broaden the base of the sales tax to capture a greater share of economic activity Close corporate tax loopholes and review tax-code spending

Virginia's Outdated Tax Brackets Subject Far More Taxpayers to Top Income Tax Rate Than in Previous Years

More Progressive Rate Structure Less than 2% of taxpayers would pay the Top Rate under this proposed rate structure which on its own would raise more than $200m.

Impact of Current EITC

Impact of Making VA’s EITC Refundable