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1 Scott Drenkard, Virginia Gubernatorial Candidates Eye Cumbersome Tax Code 1 (2013)

handle is hein.taxfoundation/ffdhgxz0001 and id is 1 raw text is: FUDMNFiscal Fact July 16, 2013 No. 376 Virginia Gubernatorial Candidates Eye Cumbersome Tax Code By Scott Drenkard Virginia gubernatorial candidates Ken Cuccinelli (R), Terry McAuliffe (D), and Robert Sarvis (L) made a splash in early May when they rolled out the preliminary details of their tax plans, all of which would make substantial changes to the state tax code. While details are still in flux, below are the candidates' current tentative plans followed by commentary on their impacts on economic activity in the state. Terry McAuliffe (D) * Give localities the option to reduce or eliminate the Business Professional Occupation Licensing (BPOL) tax, the Machinery and Tool tax, and the Merchants' Capital tax * Create task force to identify new revenue sources for localities with aim of maintaining local revenue Ken Cuccinelli (R) * Eliminate or reduce the BPOL, the Machine and Tool Tax, and the Merchants' Capital Tax, while maintaining local revenue * Reduce top individual income tax rate from 5.75 percent to 5 percent over 4 years * Reduce corporate income tax from 6 to 4 percent * Ensure government does not grow faster than inflation plus population growth2 Robert Sarvis (L) * Eliminate the BPOL, Machinery and Tool Tax, Merchants Capital Tax, and Car Tax * Consider eliminating the individual income tax * Consider reforming property taxes to land-value or two-rate tax * Eliminate credits and deductions on remaining taxes * Repeal Governor McDonnell's transportation plan from 2013 session and move instead toward electronic tolling and congestion fees to fund transportation infrastructure3 McAuliffe for Governor, McAuliffe Proposes Local Tax Reform Plan: Reduce Burdensome Taxes for Virginia's Businesses, May 3, 2 0 13 , ___- - - -_ - - - - - - --(-- --3uj --l fh :. o _! --l--- a- ,-.-- -- -------t- - - - I s- ------------a.--et - --m - -p - -n-- ed---- ,--- ----, ---------e- - ----A- - -----------t --3h-------- si- 2 Cuccinelli for Governor, Cuccinelli Unveils Economic Growth & VirginiaJobs Plan, May 7, 2013, Sarvis for Governor, Tax Relief, J_,hrv!; tc:ii :,i / tm.

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