An analysis of Ken Cuccinelli II’s economic plan for Virginia says the Republican gubernatorial candidate would cut a $1.4 billion hole in the state’s budget to shave $6,391 off a millionaire’s tax bill, all at a time when the state economy seems less able to withstand such a blow.
The tax proposal would also put another $985 in Cuccinelli’s own pocket, based on his 2012 salary as attorney general, the report says. That’s 10 times higher than the average tax break a middle-class family would receive, the group says.
The analysis by the Center for American Progress Action Fund treads similar ground covered by other critics of Cuccinelli’s tax plan but also examines his proposal in the context of recently increasing stress on the commonwealth’s economy.
Cuccinelli’s plan would potentially jeopardize other investments while giving 47 percent of the tax cut’s proceeds to the top 5 percent of Virginians. The Commonwealth Institute, in examining Cuccinelli’s plan, has also said nearly 40 percent of Virginia taxpayers would receive no reduction in taxes under Cuccinelli’s plan, and the rest would realize minor savings.
The report says slow post-recession growth and federal budget cuts have left the state in a vulnerable position that could be weakened further by Cuccinelli’s approach. The group argues that the proposal resembles ideas put forward by Republican presidential candidate Mitt Romney..
“We don’t want this Romney-like budget that’s very clear-cut about giving tax breaks to the richest – to the top five percent,” said Tom Perriello, the think tank’s president and chief executive.
