The Center for Tax Justice released a report today with a state-by-state breakdown of the percentage of taxpayers affected by President Barack Obama’s tax proposal to limit tax breaks for high-income taxpayers.
In Virginia, 5.1 percent of taxpayers will be affected by this change.
The proposal seeks to limit certain deductions and exclusions to 28 cents for every dollar deducted or excluded to bring the deduction savings closer to the amount that most middle-income families deduct.
In spite of the low percentage of Virginians affected by the proposal, the change would raise more than half a trillion dollars in revenue over the next 10 years. The average tax increase on these high-income individuals would equal less than one percent of their income.
“This is a common sense measure that would raise much needed revenue by the federal government while making our tax code more just,” said Sandra A. Cook, Chairperson of Virginia Organizing.
Deductions for state and local taxes and deductions for charitable giving would make up just over half the tax expenditures limited under the proposal.
The full report may be found online at http://ctj.org/pdf/
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