Delegate Kelly Convirs-Fowler (D-Virginia Beach) has introduced a bill to increase state income taxes in Virginia, HB 188. Under her bill, the marginal tax rate would rise from 5.75% to 10% on people making over $1 million.
Virginia already has higher state income taxes than most of its neighbors. Kentucky has a maximum tax rate of 3.5%, North Carolina has a maximum tax rate of 3.99%, West Virginia has a maximum tax rate of 4.82%, while Virginia has a maximum tax rate of 5.75%. Tennessee has no state income tax. As a result, Virginia is now one of the higher-tax states both in terms of dollars paid, and tax burdens compared to other states.
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