Skip to content
Menu

Look What They’re Saying About The Thomas Jefferson Institute Tax Plan!

Share this Story on Facebook, X, Text, LinkedIn, Gmail, Yahoo Mail, or Outlook

The Thomas Jefferson Institute has proposed a tax plan that would double the standard deduction, phase in a reduction of the corporate income tax, index Virginia’s individual tax brackets, personal exemptions and standard deduction to inflation, and create a mechanism to track and segregate additional revenue resulting from federal tax reform to allow for additional adjustments or reforms if possible.


“The Virginia General Assembly has a unique opportunity to improve Virginia’s tax competitiveness with the Thomas Jefferson Institute plan. It will benefit Virginia voters and businesses alike. The other plans simply don’t get us there.” 


Brett Vassey, President and CEO
Virginia Manufacturers Association
Virginia Craft Brewers Guild


“Our members tell us that tax relief is the second most important problem facing them today, after the quality of labor.  This proposal is the first we’ve seen that offers tax relief to small-business owners and keeps tax compliance clean and simple. We believe this proposal is a positive step, so, on behalf of our members, we’re urging the General Assembly and Governor Northam to provide meaningful tax reform to small businesses and other Virginia taxpayers.”


Nicole Riley, Virginia State Director,
National Federation of Independent Business


“The Virginia Chamber appreciates the work that the Thomas Jefferson Institute put into this plan. A state’s tax climate is important to its ability to be economically competitive and create jobs.  To be the number one state for business, the Chamber supports comprehensive tax reform.”


Keith Martin, Vice President,
Virginia Chamber of Commerce


“This tax reform proposal offers needed adjustments to Virginia’s tax code that will reduce the state tax burden for many individuals, families, and small businesses across the Commonwealth.  Federal tax reform awakened a dormant economy, helped small businesses create more jobs, and reduced some of the financial stress often faced by families. But Virginia can do even better by adopting pro-family tax reforms.  If our politicians can give multi-million dollar tax breaks to large corporations, they can certainly find additional ways to reduce the tax burden on families. This proposal would accomplish that by conforming Virginia’s tax code to the federal tax code, ensuring that tax filing season is a little less confusing for taxpayers, and by doubling the standard deductions which will bring much needed relief to Virginia families.  To that end, The Family Foundation strongly supports this tax reform proposal because it will allow Virginians to keep more of their own money to use in the way that makes the most sense for them and their families.”


Victoria Cobb, President
The Family Foundation


“The 2009 to 2016 “recovery” was the most anemic the U.S. has experienced since the Great Depression. But in the wake of the 2017 Tax Cuts and Jobs Act has, which was specifically designed to encourage business growth and allow people to keep and spend more of their money, we are out of the doldrums and have experienced a historic surge in economic growth. Unfortunately, Virginia is poised to go in exactly the opposite direction and the timing of that mistake could not be worse. Where Virginia used to exceed the national average for employment growth, throughout most of the “recovery” we fell below that average. Where we used to experience a net inflow of population, we now have a net outflow. We need to imitate the demonstrable success that the Tax Cuts and Jobs Act has created by not doing exactly the opposite. Just give it back.”


Fletcher Mangum, President
Mangum Economics


“Middle Resolution supports TJI’s plan to duplicate Congress’s tax actions on the federal level:  broaden the tax base, reduce tax rates, and move people away from itemized deductions. The TJI plan aligns Virginia’s tax deduction framework with most surrounding states, makes Virginia businesses more competitive, and will not impact the current Virginia General Fund budget.  Tax refunds are returned to tax payers, who put that savings to work in a free-market economy, which benefits all of us.”


Craig DiSesa, President
Middle Resolution


“This plan is the least the legislature can do to begin conforming Virginia’s tax code to the federal Tax Cuts and Jobs Act, which has been a boon for taxpayers and our economy,” said AFP-VA State Director JC Hernandez. “While we’d prefer a plan that lowers individual tax rates to avoid raising taxes on hard working Virginians, we see this plan as a necessary step toward a tax structure that benefits all Virginians. If lawmakers conform the Tax Cuts and Jobs Act without adjustments, state taxes will increase for individuals, families, and businesses by an estimated $594 million in 2019. Other proposals would use that additional tax revenue to cover the costs of various government programs.  Instead of trying to figure out ways to spend hard working Virginians’ money, when conforming to the Tax Cuts and Jobs Act, the legislature must look for opportunities to reform our tax structure and put money back in Virginian’s pockets.”


JC Hernandez, Virginia State Director
Americans for Prosperity

“Americans for Tax Reform strongly endorses coupling federal tax conformity with immediate pro-growth tax reform in the Commonwealth of Virginia. Without immediate action by the General Assembly, Virginians could be sacked with more than one billion dollars in tax hikes over the next two years. By using taxes generated from the federal Tax Cuts and Jobs Act, state lawmakers could immediately increase the standard deduction to at least $6,000 per individual or $12,000 per family and reduce the state corporate tax rate to 5% without impacting the state budget. This would make the state more competitive and appealing for taxpayers fleeing states like New York, New Jersey, and Illinois. 
 
Tax reform should not stop there, however. Lawmakers should consider implementing additional revenue triggers that kick in as more tax revenue comes in, delivering tax savings and protections for families and businesses in the coming years. 
 
This opportunity is historic in Virginia. For years, both Democrats and Republicans have advocated for lower corporate rates and reductions in taxes for low and middle income taxpayers. We can do that right now. Without cutting a dollar of spending, the legislature can simplify and reform the state tax code to achieve that goal. ATR applauds the work of the Thomas Jefferson Institute and encourages the legislature to act on these proposals in the very near future.”“Americans for Tax Reform strongly endorses coupling federal tax conformity with immediate pro-growth tax reform in the Commonwealth of Virginia. Without immediate action by the General Assembly, Virginians could be sacked with more than one billion dollars in tax hikes over the next two years. By using taxes generated from the federal Tax Cuts and Jobs Act, state lawmakers could immediately increase the standard deduction to at least $6,000 per individual or $12,000 per family and reduce the state corporate tax rate to 5% without impacting the state budget. This would make the state more competitive and appealing for taxpayers fleeing states like New York, New Jersey, and Illinois. 
 
Tax reform should not stop there, however. Lawmakers should consider implementing additional revenue triggers that kick in as more tax revenue comes in, delivering tax savings and protections for families and businesses in the coming years. 
 
This opportunity is historic in Virginia. For years, both Democrats and Republicans have advocated for lower corporate rates and reductions in taxes for low and middle income taxpayers. We can do that right now. Without cutting a dollar of spending, the legislature can simplify and reform the state tax code to achieve that goal. ATR applauds the work of the Thomas Jefferson Institute and encourages the legislature to act on these proposals in the very near future.”

Grover Norquist, President
Americans for Tax Reform

“Governor Northam wants to spend the tax windfall of $600 million per year on entitlements.  Diverting $600 million from the private sector to government could kill, for example, 12,000 $50,000 jobs or prevent 300,000 $2,000 raises.  The Fairfax County Taxpayers Alliance supports the Thomas Jefferson Institute’s recommendation to double the Virginia standard deduction because we believe the poor are better served by more jobs and raises than by increased dependency on government entitlements.”

Arthur Purves, President
Fairfax County Taxpayers Alliance

 “Federal tax conformity provides a once-in-a-generation opportunity for tax reform in Virginia. As a result of federal tax reform, without corresponding tax relief at the state level, Virginians will see a $750 million average yearly tax increase from 2019-2024 that will threaten economic opportunity statewide. The Thomas Jefferson Institute’s recommendations would make Virginia more economically competitive with neighboring states. North Carolina, Tennessee, and Maryland together reformed their tax codes nine times since 2012, while Virginia’s most recent comprehensive tax reform dates to 1972. The Thomas Jefferson Institute’s recommendations to increase the Virginia standard deduction, index state tax thresholds to inflation, and cut Virginia’s corporate income taxes to 5% by 2019 are a great down payment toward a tax environment that will make Virginia’s economy more diverse, less dependent on federal spending, and on track for long-term economic growth.”

Jonathan Williams, Chief Economist and Vice President for State Fiscal Reform
Skip Estes, Legislative Analyst, American Legislative Exchange Council



Share this Story on Facebook, X, Text, LinkedIn, Gmail, Yahoo Mail, or Outlook

Join Our Email List

Name(Required)
Address
Sign me up for:
This field is for validation purposes and should be left unchanged.