Statement of the Governor on Virginia Chamber of Commerce Support for Budget and Tax Reform

Statement of the Governor on Virginia Chamber of Commerce Support for Budget and Tax Reform

RICHMOND - Governor Mark R. Warner today commended the leadership of the Virginia Chamber of Commerce for its support of the Governor's budget and tax reform proposals, as well as a proposal advanced by Sen. John Chichester.

The Virginia Chamber of Commerce concluded Governor Warner's proposal "strikes a reasonable balance." Their news release cites the following elements:

"It repairs a leak in the fiscal boat created by the income tax age exemption."

"It adjusts the income tax brackets to reduce the income tax burden on most families."

"[The Governor's] budget is balanced with fewer transfers and temporary measures and begins to rebuild the reserve funds, which should calm the fears on Wall Street."

"The sales and income tax increases have broad impact and in our opinion will not place Virginia at a competitive disadvantage with our neighboring states."

"All tax increases have an economic impact, but a roughly five-percent increase in General Fund collections should not harm our economy if well spent."

"The leadership of the Virginia Chamber of Commerce recognizes that it is critically important that we restore the health of our general fund," Governor Warner said. "A healthy general fund preserves our economic vitality and protects our Triple-A bond rating."

"The Chamber is a broad-based, fiscally conservative group that represents small and large 'Main Street' businesses in every region of Virginia. No organization is more invested in keeping our economy strong. I encourage similar organizations to step up and join this effort," the Governor said.