RICHMOND — Virginia advocates feel Gov. Glenn Youngkin’s proposed budget isn’t meeting community needs.
Youngkin’s 2024-2026 budget is built around numerous pillars such as tax reform, education investment, and bolstering job growth.
One of the biggest issues raised is an income tax reduction that only benefits the state’s wealthiest people.
Ashley Kenneth, president and CEO of The Commonwealth Institute, said lawmakers must consider other revenue-raising options.
“Lawmakers should choose to raise revenue,” said Kenneth, “by asking millionaires to pay their fair share of taxes, and choose to invest in the building blocks of thriving communities — like remedying the $4 billion in underfunding of our K-12 public schools, increasing access to affordable housing and health care, creating a Commonwealth kids credit to help families struggling to make ends meet.”
She noted that it’s still early in the process and things could change as the two General Assembly chambers reveal their budgets.
Several public budget hearings will be held virtually, starting Wednesday at 10 a.m.
More information is available on the Senate Finance and Appropriations Committee website — sfac.virginia.gov.
The budget has some upsides, with investments in behavioral health care and early childhood education.
As the process continues, there could be some challenges — particularly due to Virginia’s divided state government.
“There will need to be compromise,” said Kenneth, “and there may be a lot of back and forth in committees about the budget — because it’s not just a document, but it’s a bill. It’s one of the most important bills that the Legislature passes.”
One worrisome sticking point for Kenneth is the use of $3.2 billion in one-time leftover funds from past years to balance the budget.
The concern is that Virginia could hit a fiscal cliff in the next budget cycle if future revenues don’t outpace expenses.
