Ed Gillespie’s Tax Plan: Big Breaks for 1%, $1.4 Billion Burden on Virginia
September 15, 2017
If there were ever a doubt that Ed Gillespie is running to be Donald Trump’s top lobbyist in Virginia, new analysis on his tax plan has officially wiped it out. A report released by the Commonwealth Institute for Fiscal Analysis and Institute on Taxation and Economic Policy makes it clearer than ever: former lobbyist Ed Gillespie wants to follow in Trump’s budget-busting footsteps to take from middle class Virginia families and give to his millionaire friends. Just like Trump’s proposed tax plan, Gillespie’s would jeopardize critical programs like education, public safety, and transportation – all in order to give the wealthiest a break on their taxes.
Here's a look at how Gillespie’s tax plan would impact Virginia:
Gillespie’s tax plan is clear: it’s a $1.4 billion giveaway that benefits the richest Virginians at the expense of everyone else.
- Under Gillespie’s plan, Virginia would lose $1.4 billion annually in needed revenue, hurting schools, teachers, and families across the state.
- Gillespie’s plan would give the top 1% of taxpayers — who make more than $624,000 a year — a $7,000 tax cut, while middle-class families would only get $147.
- That means the richest Virginians are getting a tax cut that is nearly 50 times what a middle-class family would receive. And, that means that middle-class families would only get a tenth of the $1,300 cut Gillespie has promised.