Support the Middle Class and Small Business Tax Relief Act!

The Middle Class and Small Business Tax Relief Act would do the following:

- Eliminate state sales tax on food for all Virginians.
Repealing the current 1.5 percent state sales tax on food provides $230M tax relief annually for all Virginians (7,636,644 people in 2,909,223 households.)

- Eliminate corporate income tax for 22,000 small businesses.
Repealing the current 6 percent corporate income tax on the 22,000 businesses making less than $100,000 per year provides $20 million in tax relief annually to employers struggling to keep and create jobs.

- Cut income taxes for 42 percent of Virginia taxpayers.
Reduces income taxes for 42 percent of Virginia taxpayers, who make between $17,000 and $75,000 per year, to 5.6%, providing $130M tax relief to 1,461,506 Virginians. (Note: Median household income in Virginia in 2007 was $58,950.)

- Pay for tax relief by raising income tax rate on wealthiest 0.04% of Virginians by just 1.1%
No income tax increase for anyone making up to $400,000, but for each additional $100,000, individual would pay an additional $1,100. (This affects just 30,693 Virginians -- the wealthiest 0.04% of all Virginians.)

- Completely protect existing K-12 allocation to localities.
Currently, revenue from 1% state sales tax on food goes to localities for education. This plan preserves both the amount and the timing of that allocation -- it just changes the revenue source.

- Completely protect existing Transportation Trust Fund dollars.
Currently, revenue from 0.5% state sales tax on food goes to the Transportation Trust Fund. This plan preserves both the amount and the timing of that allocation -- it just changes the revenue source.

All across Virginia, middle class families and small businesses need help. By cutting taxes on the families and businesses that need it most, while taking modest and fiscally responsible steps to protect money for education and transportation, passing this proposal would be a step forward for all Virginians.

By signing this petition, I am adding my voice to my fellow citizens who urge the Virginia General Assembly to pass the Middle Class and Small Business Tax Relief Act as soon as possible.