Statement of Governor Warner on the Impact of the Commonwealth of Opportunity Budget and Tax Reform Plan

December 15, 2003

Statement of Governor Warner on the Impact of the Commonwealth of Opportunity Budget and Tax Reform Plan

"I have stated that my finance team is preparing, and will soon release, an economic impact study of tax reform. Speaker Howell and the Attorney General know this. We welcome any independent review of the tax fairness plan we have put forward. It is our expectation that any such review be a truly independent and unbiased review from a non-partisan economist.

"I am confident that our analysis will show that lowering the tax burden for 65 percent of Virginia's families will help to stimulate new consumer spending and job creation. Equally important, I expect the analysis will show that our plan is a fiscally sound way to preserve Virginia's fiscal integrity, including our AAA bond rating, and meet our core commitments to education and other vital services. Last week, we celebrated the creation of almost 50,000 new jobs in Virginia. We hear time and again from potential employers that the single best way to attract new business is a strong education system and well-trained work force. Virginia must continue to invest in these priorities.

"Unlike the federal government, Virginia has a reputation as a fiscally conservative state and has a constitutional requirement to balance our budget. We have now begun an even more sound approach, completing a six-year fiscal projection for the Commonwealth.

"I appreciate the willingness of the Speaker to seriously review this issue. We both are concerned about the future viability of Virginia's economy."

Governor of Virginia - Mark R. Warner

Copyright 2004