Tax-cuts For the Rich, Cuts to Education for Everyone Else
Attorney General Ken Cuccinelli’s proposed $1.4 billion income tax cut would necessitate an annual reduction of at least $525 million in state education funding, leading to layoffs of more than 8,000 teachers.
“Ken Cuccinelli has proposed a massive tax gimmick that would blow a $1.4 billion hole in Virginia’s budget with no explanation of how he would pay for it,” McAuliffe spokesman Josh Schwerin said in a statement. “Virginians deserve to know the dangerous implications of Cuccinelli’s plan, including his proposal to divert funding from public schools to private schools.”
Cuccinelli has proposed cutting the top individual income tax rate from 5.75 percent to 5 percent and the corporate income tax rate from 6 percent to 4 percent. He has said he would offset the lost revenue by eliminating unspecified tax loopholes.
