Support the Middle Class and Small Business Tax Relief Act!
To: Members of the Virginia General Assembly Re: House Bill 2588, Middle Class and Small Business Tax Relief Act We the undersigned urge the Virginia General Assembly to pass HB 2588, the Middle Class and Small Business Tax Relief Act -- an important reform effort that will help people now and will begin to strengthen our economy for the future. The Middle Class and Small Business Tax Relief Act would: - ELIMINATE STATE SALES TAX ON FOOD FOR ALL VIRGINIANS. (Repealing the current 1.5 percent state sales tax on food provides $230M tax relief annually for all Virginians -- 7,636,644 people in 2,909,223 households.) - ELIMINATE CORPORATE INCOME TAX FOR 22,000 SMALL BUSINESSES. (Repealing the current 6 percent corporate income tax on the 22,000 businesses making less than $100,000 per year provides $20 million in tax relief annually to employers struggling to keep and create jobs.) - CUT INCOME TAXES FOR 42 PERCENT OF VIRGINIA TAXPAYERS. (Reduces income taxes for 42 percent of Virginia taxpayers, who make between $17,000 and $75,000 per year, to 5.6%, providing $130M tax relief to 1,461,506 Virginians. The median household income in Virginia in 2007 was $58,950.) - Pay for tax relief by raising income tax rate on wealthiest 0.04% of Virginians by just 1.1%. (Absolutely no income tax increase for anyone making up to $400,000, but each additional $100,000 would result in a $1,100 increase. This affects just 30,693 Virginians -- the wealthiest 0.04% of all Virginians.) - COMPLETELY PROTECT EXISTING K-12 ALLOCATION TO LOCALITIES. (Currently, revenue from the 1% state sales tax on food goes to localities for education. This plan preserves both the amount and the timing of that allocation -- it just changes the revenue source.) - COMPLETELY PROTECT EXISTING TRANSPORTATION TRUST FUND DOLLARS. (Currently, revenue from the 0.5% state sales tax on food goes to the Transportation Trust Fund. This plan preserves both the amount and the timing of that allocation -- it just changes the revenue source.) - PLAN CONTAINS NO NET TAX OR REVENUE INCREASE. (Dedicates any excess revenue to car tax relief as guarantee that plan is tax and revenue neutral. Meets "No Tax Pledge" criteria, demonstrating a serious bipartisan attempt to respect well-known Republican concerns.) All across Virginia, middle class families and small businesses need help. By cutting taxes on the families and businesses that need it most, while taking modest and fiscally responsible steps to protect money for education and transportation, passing this proposal would be a step forward for all Virginians. I am signing this petition to add my voice to my fellow citizens who urge the Virginia General Assembly to pass the Middle Class and Small Business Tax Relief Act as soon as possible.