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Cuccinelli's $8 Billion Tax Plan

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  • 7/27/2019 Cuccinelli's $8 Billion Tax Plan

    1/3

    TerryMcAuliffe.comPaid for by Terry McAuliffe for Governor. Printed in house.

    PuttingJobsFir

    stGOVER

    NORMc

    ERRY C ULIFFEFOR OVERNORPUTTINGJOBSFIRST

    CUCCINELLIS$8BILLIONTAXPLAN

    KenCuccinellihasproposedmassivetaxbreaksforthewealthiestVirginiansandcorporationsandhasofferednospecificsonhowhewillpayforthem,whichalonewouldblowa$1.4billion

    holeinthestatebudgeteachyear.Tocompoundthat,CuccinellisrunningmateE.W.Jackson

    saidheandCuccinelliwanttofullyeliminatethecorporatetaxrate,whichwouldcreatean

    additional$660millionlossinrevenueinadditiontoCuccinellis$1.4billionproposedcut,

    whichalreadyincludedaonethirdreductiononthecorporatetaxrate.

    Intotal,Cuccinelli'splanswouldreducestaterevenueby$2billionannuallyifCuccinelliand

    Jacksoncontinuetooffernospecificsonhowtomakeupforthelostrevenue,costingthe

    Commonwealthatleast$8billionoverfouryearsandplacinggreaterburdensonVirginias

    middleclassfamilies.

    Cuccinellistaxplan:Morelikelytomanufactureanunnecessarybudgetcrisis

    UnderGovernorsWarnerandKaine,Virginiawonthetitleofthebeststateforbusiness.Thisin

    partisbecauseofVirginiasalready-lowtaxrates,anditstaxregulatorysystem,asthe

    VirginianPiloteditorialboardstated.However,overthelastthreeyears,Virginiahasdropped

    to5th,muchinpartduetoitslackofuptodatetransportationinfrastructure.

    KenCuccinellisextremetaxproposalismorelikelytomanufactureanunnecessarybudgetcrisisthatunderminesthecommonwealthsfragilerecovery,pushesagreaterfinancialburden

    ontocitiesandcountiesandstillleavesthestateincapableoffulfillingitsresponsibilities,the

    VirginianPiloteditorializedinMay2013.

    ThePilotEditorialBoardcontinues,thattheplanwouldcut$1.4billionfromthestatesannual

    budgetatatimewhenVirginiasgeneralfundhasalreadydeclined1percent,andbyrefusing

    toindicatewhichprogramshewouldcutinordertomakeupforthelostrevenue,orwhich

    loopholeshewouldclosetoservethesamegoal,Virginiansarelefttoassumethattheywould

    havetopayhighertaxes,orlosefundingforeducationortransportation.

  • 7/27/2019 Cuccinelli's $8 Billion Tax Plan

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    TerryMcAuliffe.comPaid for by Terry McAuliffe for Governor. Printed in house.

    PuttingJobsFir

    stGOVER

    NORMc

    ERRY C ULIFFEFOR OVERNORPUTTINGJOBSFIRST

    Whatareyougoingtodotokeeplocalitieswhole?

    WhenCuccinelliannouncedhisplan,VirginiasRepublicanLieutenantGovernorBillBolling

    condemnedtheirresponsiblegimmick,stressingtheimpactthelostrevenuewillhaveperyear

    onVirginiascommunitiesandfamilies.Whatareyougoingtodotokeeplocalitieswhole,or

    tokeepthestatewhole,areyoujustgoingtoexpectpeopletofurthercutfundingfor

    educationandtransportationandhealthcare?BollingquestionedinaninterviewinMay.

    TheWashingtonPostcalledCuccinellisplanfantasy,andsaiditwouldmeaneviscerating

    education,publicsafety,infrastructureandsocialservices,whichtogetheraccountforalarge

    majorityofthatspending.Thelongest-servingRepublicanmemberoftheVirginiaHouseof

    Delegates,VinceCallahan,whoservedfor36yearsontheAppropriationsCommittee,saidthe

    cutswouldbedraconian,andthatmoneyfromcuttinganyloopholesisminusculecompared

    tothetaxcutsCuccinelliwantsanothervoicediscussingtherealimplicationsofCuccinellistaxmagic.

    Cuccinelliwantstoeliminatethecorporatetaxratecompletely

    WhileCuccinellisinitialplan,releasedinMay,calledforareductionofthecorporatetaxrate

    from5.75%to5%,justfourmonthslater,hisrunningmateE.W.Jacksontoldsupportersthat

    KenCuccinelliwantstoeliminatethecorporatetaxratecompletely.Thiswouldaddanover

    $660millionlossinthestatebudgetannually,andwhenaddedtoCuccinellisoriginaltaxcut

    planoverfouryears,couldresultinatleast$8billioninrevenuelossduringCuccinellistermif

    elected.

    InSeptember2013,E.W.JacksonstatedthatheandCuccinellireallybelievethatifyouplan

    properly,youcoulddoawaywiththecorporatetaxinVirginia.Headdedthat,thisis

    somethingKen[Cuccinelli]wonttalkabout,notbecauseheswillingto,butbecausehesonly

    gotfouryears,ofcourse.Ifelected,Jacksonpledgedthathewillcertainlyworktomakesure

    thatwegetridoftheincometaxtoo.AgainanothertaxcutforVirginiaswealthiest,withno

    specificsonwhichloopholestocloseorprogramstocuttomakeupforthelostfunds.

    JustaweekbeforeE.W.Jacksonsaidthosewords,CuccinelliassuredhissupportersthatheandJacksonarerunningtogetherandrunninghard.

  • 7/27/2019 Cuccinelli's $8 Billion Tax Plan

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    TerryMcAuliffe.comPaid for by Terry McAuliffe for Governor. Printed in house.

    PuttingJobsFir

    stGOVER

    NORMc

    ERRY C ULIFFEFOR OVERNORPUTTINGJOBSFIRST

    Cuccinellisplan:Badforbusiness

    RatherthanboostingVirginiaseconomicstatus,editorialboardsandleadersfrombothparties

    fromacrossthestatehavecriticizedCuccinellisplan,sayingthatitcouldleadtoeconomic

    turmoilandgreaterburdensonthemiddleclass.

    TheWashingtonPosteditorializedabouttheimpactofCuccinellisplan:Mr.Cuccinelli

    suggeststhatcuttingcorporateincometaxesbyathirdwouldtransformVirginiaintoan

    irresistiblemagnetforbusinesses,whichwouldgrowatlightningspeed.Butwhatbusinesses,

    andwhichemployees,wouldbecontenttoliveinastatewhosebudgetstarvesitsschools,

    socialservicesandpublicsafety?

    VinceCallahanexpressedasimilarsentiment,notingItfrightensmetoputtheCommonwealth

    ofVirginiaintothehandsofsomeonewhohasnovisionforVirginia.

    Cuccinellistaxproposals,hiswillingnesstostarvelocalitiesoffundingforcriticalinfrastructure

    andeducationfunding,andhisrefusaltoembracetheprogramsthatactuallyencourage

    businessestolocateinVirginiaandgrow,suchasbusinessincentiveprograms,showhislackof

    understandingofwhatVirginianeedsintheirnextgovernor.EvenRepublicanLieutenant

    GovernorBillBollingcriticizedCuccinellisbusinessproposals,stating,Youcangetridofallour

    incentives,butletmetellyou,therewillbeapricetopayforthatYourenotgoingtobeajobs

    governor.

    Virginiansneedleaderswhowillputpragmatismoverideology,whodontusefuzzymagicto

    trytomisleadVirginiansintobelievingtheirirresponsiblebudgetplans.Virginianshavent

    fallenforKenCuccinellisfuzzymathortaxmagic,andtheydontwantagovernorthatwill

    costtheCommonwealthatleast$8billionoveraterm.


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