Virginia is in a financial position to both cut taxes by another $1 billion and increase government spending, Gov. Glenn Youngkin said Thursday as he unveiled his proposed amendments to the two-year state budget.
The Republican governor is calling on lawmakers to cut the corporate tax rate and lower income taxes. Youngkin made the case in a speech in Richmond that his vision was fiscally responsible and would not only help families dealing with a bleak economic outlook but also make Virginia more competitive in luring new businesses.
“This budget accounts for the reality of the looming economic storm. It also accounts for the need to accelerate results, and the fact that our state government’s financial condition has never been stronger,” Youngkin, a former private equity executive, told members of the House and Senate money committees.
The governor’s proposed amendments to the 2022-2024 budget will serve…