Republican gubernatorial candidate Ed Gillespie unveiled a new tax plan Thursday, according to a campaign release, and the focus is increasing economic growth.
The proposed tax plan will include a 10 percent reduction in personal income tax, across-the-board, leading to an estimated $1,300 savings on average to a family of four, according to the release.
The plan will be phased in over three years and relies on the taxes to spark jobs growth in the state. The campaign asserts that over 50,000 jobs will be added in the state over the next five years as a result of the plan.
“We’ve had five straight years where our economic growth rate was below national growth rate,” Gillespie said in a press conference. “Virginia was in the bottom ten percent of all 50 states in terms of economic growth.”
Gillespie wants to encourage local governments to find more business-friendly policies that will enable localities to control their own growth independent of the state government. “We would work with the localities, to have a partnership in order to find ways to increase economic growth all across Virginia.”
Gillespie also pledged to create a commission of mayors and other local officials who will work with the state tax commission in determining better tax policies.
He also made the astounding pledge to create a special session of the Virginia House of Delegates in the fall of 2018 in order to cut taxes and rapidly jump-start the jobs and economic planning.
“I think these policies will get this state going again,” Gillespie concluded.
Fellow Republican candidate Corey Stewart has a broad plan that pledges to decrease taxes, although there isn’t officially a plan that has been released by the campaign yet.
Progressive challenger Tom Perriello’s jobs plan centers on increased wages and focuses heavily on reducing the priority on employers, and more emphasis on a worker-based approach.
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