Woodbridge, VA – Republican Corey Stewart today released details on his forthcoming tax plan, known as "Corey Stewart's Big, Bold Virginia Tax Cut" as a part of his bid for governor of the Commonwealth.
"In year one, my tax plan will reduce the tax burden on working Virginians by 17.4%," Stewart said, "and it will phase out Virginia's income tax over the next several years in order to grow our economy and make the Commonwealth a more attractive option for businesses and citizens alike," Stewart said.
"Virginia has to compete with our neighbors, so we will entirely eliminate the income tax in year one for those four localities on our border with Tennessee: Lee, Scott, and Washington Counties, and the City of Bristol," Stewart said.
"In contrast with Ed's plan, which retains the regressive tax structure of the past, my plan removes the regressive tax brackets that take dollars out of the pockets of the poor by cutting taxes for all Virginians who make below $17,000 and establishes a single tax tier for ALL Virginians who make more than $17,000," Stewart said.
"In order to cut taxes, we absolutely must cut Virginia's spending, and that's where Ed and I differ -- his plan doesn't offer a specific plan to find the spending reductions necessary to cut taxes, but that is exactly what I did in Prince William County," Stewart said.
"As governor, I'll require every state agency to produce a three-tiered plan with recommendations for budget cuts totaling 5%, 10% and 15% of their budgets," Stewart explained. "Depending on which plan is most feasible, we'll pursue those spending reductions which are most reasonable, and we'll look to their recommendations as a guide to whittle down spending in year one," he said. "This is what we did in Prince William County, and this is what we're going to do in Richmond."
The Stewart campaign will roll out a full explanation of Corey's Big Bold Virginia Tax Cut in the coming weeks.