The House and Senate committees working on the budget have released their proposed changes to the budget for fiscal year 2023-24. The information gathered by the Commonwealth Institute and the charts available at their website provide a summary-level assessment of key general fund changes proposed by the money committees and Gov. Youngkin compared to the current budget. The institute (and President Joe Biden) remind us that, “budget proposals are the clearest expressions of our priorities and values.”
Furthermore, according to the Commonwealth Institute for Fiscal Analysis: “…the highest income residents pay a lower portion of their incomes on taxes compared to lower-income residents. Rather than making sure the wealthy and corporations pay their fair share, Gov. Youngkin’s proposed budget amendments would forfeit over a billion dollars in shared resources through tax cuts in this budget cycle alone…”
You can get their summary here: https://tinyurl.com/rvdw2023
We hope you’ll follow along with us as we watch the results of the work being done in Richmond these next few weeks.
With sincerest regards,
Your RVDW Legislative Committee
Jessica, Sandra, Barbara, Catherine, and Becky