Virginia’s tax code is full of loopholes that cost us more than $12.5 billion every single year – that’s more than 12 times our current shortfall.  Even as we cut funding for crucial investments in our future like roads, schools, environemntal protection, and healthcare, more than 2 out of every 3 corporations in Virginia have no tax liability at all.

While middle class families pay taxes on their income and purchases, more than 60% of corporations in Virginia pay no corporate income tax.

In 2008 alone, Virginia coal companies claimed $31 million in tax credits. Those tax credits were designed to support employment in the coal industry. Instead, coal companies laid off employees faster than ever.

While middle class families pay sales taxes on everything they buy, Virginia gives a cut rate on sales taxes for those who buy luxury yachts.

Reforming costly and inefficient loopholes will preserve Virginia’s future prosperity and bring balance to our current budget process.