State Income Taxes Have Raised Nearly $2 Billion So Far in 2022

Glenn Youngkin, Governor of Virginia announced that they complete the financial year 2022 with a huge fund revenue of approximately $ 2 billion. He also said that a 16.3 percent increase in fund collection means Virginians, paid extra taxes the previous year.

“While I am pleased that our additional revenue can be reinvested in Virginia, the Commonwealth’s general fund revenue surplus confirms that Virginians have been overtaxed for way too long,” said Governor Glenn Youngkin. “As inflation hits another 40-year high, I’m proud that our budget provides almost $4 billion in tax relief to Virginians, the largest tax relief in the Commonwealth’s history. We have a lot of work left to do to recover from the pandemic, but Virginia’s economy is demonstrating promising economic and company growth with major companies such as Boeing, Raytheon, and LEGO moving their headquarters to Virginia.”

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State Income Taxes Have Raised Nearly $2 Billion So Far in 2022
State Income Taxes Have Raised Nearly $2 Billion

Stephen Cummings, Finance Secretary also said that the state’s amount with sales taxes is raised by 9.5 percent, which shows that the financial condition of Virginia is not poor.

There are several job increases in the labor market in Virginia in four months such as 80,000 jobs. 124,900 more people start earning now from 2021 to 2022.

General also announced that around 130,000 jobs were finished due to COVID-19. We are trying our best to create more job options. Virginia gets 15th rank for growing up in employment from January 2022. Companies like Boeing, Raytheon, and LEGO are interested to move their head quarter to Virginia.

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