Budget & Tax

Virginia’s tax brackets haven’t been updated in thirty years and still reflect income levels from the late 1980’s, there is a growing gap between our revenues and our needs. At TCI we analyze Virginia’s budgetary, tax, and fiscal policies, and provide independent, credible research to build support for policies that will help hard-working families who struggle to get by economically.

Meet the Analyst: Click to hear about a tax solution for today.

Key Priorities

• Strengthen the state’s earned income tax credit to help working families

• Update the state income tax rate structure so average Virginians don’t pay the same rate as millionaires

• Attach sunset provisions to tax breaks and close corporate loopholes

• Modernize the state sales tax to reflect a changing economy

ResourcesAndCosts2018to2020-01 November 13, 2017 By Chris Wodicka and Laura Goren Virginia’s current revenue system isn’t keeping up with changes and growth in the overall economy, and that’s putting the future prosperity of families and businesses at risk. A series of recent developments point to Virginia’s challenges. The Secretary of Finance recently informed state lawmakers that e-commerce is costing the state an estimated $229 million in lost sales tax revenue.