Reply to Governor Youngkin's Visionary Step: Eliminating the Double Tax on Virginians' Vehicles

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Reply to "Governor Youngkin's Visionary Step: Eliminating the Double Tax on Virginians' Vehicles"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't like the car tax because it changes your bill so much as cars age and new cars are purchased. At least with a property tax, income tax, sales tax, you don't get wild fluctuations. It's hard to plan for. [/quote]

Isn't is based on the value of the car, so it would go down as the car gets older?  You can keep it low by keeping the same car.  Why would it fluctuate?

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Because if your old car breaks down or you get into an accident you need to buy a new car. Now your tax bill skyrockets overnight.  You need to readjust your entire lifestyle to now accommodate a very expensive and regular tax that might have gone up several hundred percent because you bought a new car. [/quote]
No one says you have to buy a new $50K or $100K car.  The tax is negligible on a $20K car.[/quote]

FX cut 10% off the value for 2023 since the spread between new and used decreased. FX 4.57. No value reduction ARL 5.  One vehicle we looked at was a small SUV- 31k new with 36 and 50k miles warranties, zero percent financing.  Used with 25k miles was 29k and no great warranty or financing. 123k miles was 15k.

Tax on a 20k vehicle is not neglible for people on budgets.  One thing Youngkin wants to do is lower incme tax rates which is significant for those people on budgets. Currently 17k begins the 5.75% and the proposal is to lower all brackets.  There would be new taxes on digital content/goods, enhanced state EITC.  That digital reflects current conditions like me not buying a cd for programs/apps and downloading. ie Netflix streaming provider is not taxed.  If I buy a CD on amazon it's taxed but a streaming purchase or rental is not taxed.

You are soooooooo out of date.  Average cars for a family are now running $40-50k.  A friggin minivan is now almost $50k.  $50k cars aren't fancy anymore.[/quote][/quote]

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