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Getting Behind the Numbers of Governor Warner's Tax Plan

To build support for his plan to raise taxes by about $1 billion annually, Virginia Governor Mark Warner claims that 65% percent of Virginia's taxpayers would benefit from his tax plan. However, thanks to Jim Bacon, publisher of Bacon's Rebellion, Virginians have a have better understanding of the numbers that support the governor's plan. Since "(t)he numbers struck some observers as improbable," Bacon met with John Bennett, Virginia's Finance Secretary, for an extended conversation about both the numbers and the assumptions behind those numbers. According to Bacon, "The 65-percent number accurately reflects those portions of the tax plan that can be measured but omits significant portions -- totalling $175 million, equivalent to 36 percent of total net impact -- whose effects cannot be measured. Change the assumptions and the "65 percent" number evaporates." For the detailed numbers, and their impact on Governor Warner's plan to raise Virginians' taxes, Bacon provides a detailed table with the numbers for firscal years 2004 through 2008.

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