Virginia general fund revenue collections were up 9.9 percent year over year in May, and on a fiscal year-to-date basis, total revenue collections are up 17.8 percent.
Republican Gov. Glenn Youngkin feels this was the perfect occasion to advocate for tax cuts, as if there’s any correlation between anything he’s done in five months and revenue collections, but anyway.
“This report confirms that the time is now to deliver meaningful tax cuts to Virginia families who are getting crushed by five-dollar gas and record-high inflation,” Youngkin said. “While Virginia was nearly last place in recovering from the pandemic, my administration remains laser-focused on job creation, and I’m so pleased we’re now in the top third among states for job growth this year, adding more than 60,000 jobs since the beginning of my administration. We still have much more work to do but I’m encouraged by our growing labor force, increasing wages, and the fundamental strength in Virginia’s economy.”
It’s nonsense for him to suggest that Virginia was “nearly last place in recovering from the pandemic,” by the way.
The reason Youngkin can talk his junk on tax cuts is because he inherited a well-run state from Ralph Northam and Terry McAuliffe.
Also, there was the COVID stimulus, which was the federal government printing money.
Which is why we have inflation right now.
Anyway, Youngkin. Dude is five months into his term, and he’s King Midas all the sudden.
The full May 2022 revenue report is available here.
Story by Chris Graham
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