Virginia Republican gubernatorial candidate Ken Cuccinelli released his tax plan Tuesday that would cut about $1.4 billion in taxes by reducing the state’s personal income and corporate tax rate.
His proposed plan, “Economic Growth and Virginia Jobs Plan,” would reduce the personal income tax from 5.75 percent to 5 percent and the corporate tax rate from 6 percent to 4 percent.
He says he would help offset these revenue losses by identifying and eliminating “outdated exemptions and loopholes that promote crony capitalism.” He did not specifiy which loopholes he would close.
“The plan is driven by three over-arching goals: Make Virginia more attractive to job creators and open to business development; allow Virginia workers and families to take home more of their hard-earned pay; and put a cap on government spending so that it doesn’t outpace the growth of inflation plus population,” he wrote in a press release.
Read the plan here.
IN OTHER NEWS:
* The. D.C. Council is considering banning plastic firearms created by 3D printers. (News4)
* D.C. set a tourism record in 2012, with more than 18.9 million visitors, an increase of 5.5. percent from 2011. (Washington Examiner)
* About 2,500 people have signed up to protest gun laws by marching into D.C. on Independence Day with loaded rifles on their backs. The D.C. police say they will meet the protesters on the Arlington Memorial Bridge with forces and guns of their own. (Washington Post)
* A Montgomery County activist is trying to collect enough signatures to trigger a referendum and allow voters to decide the fate of Gov. O’Malley’s gun-control legislation. The NRA has already filed lawsuit against the legislation, and if the activist is successful in getting the law on the ballot, then the gun bill and suit would be put on hold until after Election Day. (Washington Examiner)
* The websites of WTOP and Federal News Radio were hacked this week, potentially infecting the computers of people who visited their site within the past two days. (Washington Business Journal)
* Virginia Lt. Gov. Bill Bolling -- who has expressed regret that he opted not to make an independent run -- criticized the two gubernatorial candidates for offering unrealistic economic proposals. (Washington Examiner)
* Morton Blackwell, Virginia National Committee member and founder of the Leadership Institute, endorsed Corey Stewart for lieutenant governor. (Richmond Times-Dispatch)
* The Dalai Lama visited the University of Maryland and Gov. O’Malley literally rubbed noses with him. (Washington Post)
* Virginia is seeking public input on an upcoming draft report for a six-year transportation improvement plan. (AP)