00:00Virginia Lawmakers proposes change to income tax.
00:05Virginia Democrats unveiled a sweeping tax proposal that would raise income brackets
00:09and expand.
00:10It would expand taxes on capital gains, potentially pushing the state's top rate to 13%.
00:1518.8% higher than California's.
00:18Supporters call it a fairness move.
00:20To fund education and housing, projecting over $1 billion annually in revenue.
00:25Critics, however, warn that the plan could drive high earners and businesses out of the
00:30state. Governor Abigail Spanberger, who ran on promises of making Virginia more affordable
00:35now finds herself at the center of a storm. Her administration insists the goal of the
00:40goal is still affordability, pointing to pledges to lower costs for health care.
00:45Housing and energy. But Republicans and conservative groups see a bait and switch.
00:50And they're calling her out. State House Minority Leader Terry Kilgore didn't
00:55pronounce words, labeling the new legislation part of a slate of bad bills.
01:00The Republican Party of Virginia warned the tax hike mirrors the failed paths of California
01:05and New York. Grover Norquist, president of Americans for Tax Reform, said,
01:10raising taxes in this environment is reckless, especially with other states aggressively
01:14slashing taxes.
01:15It's always a bad time to raise taxes to attract businesses and families. It's always a bad
01:19time to raise taxes.
01:20He said, but it would be particularly foolish now. The Congressional
01:25Leadership Fund also weighed in, accusing Democrats of moving at lightning speed to push new taxes.
01:30Within 48 hours of taking power in Richmond, the CLF noted,
01:35Democrats introduced legislation creating new sales and retail taxes.
01:40Their warning? Families and businesses will pay the price.
01:45Democrats holding a 64 to 36 advantage in the House of Delegates and a slim
01:5021 to 19 majority in the Senate, the bills are expected to pass, setting up for
01:55Virginia to become the poster child for what critics say is a tax-heavy business unfriendly
02:00agenda. As the 2026 midterms loom, this gamble may come back
02:05to haunt Democrats. Voters promised affordability could be handed a hefty bill instead.
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