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[quote=Anonymous][quote=Anonymous]We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself. [/quote]

Don't know many middle class or working class, huh?

All of those new secondary taxes are going to hit the poor, working class and middle class very hard.

You people in the top 5% might be able to handle that extra tax on every single household expense, but the rest of the people in Virginia are going to be hit hard with what will essentially add roughly 4% on every penny they spend on essential services.  When you are working class, that extra tax on everything from haircuts to appliance repair to their kids activities will completely blow up the household budget.

Only someone very wealthy and out of touch would claim that all those taxes are no big deal.

Affordability my a$$.[/quote]

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