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General Assembly's Huge Tax Increase Gets Slammed, Again

Just weeks after the 2004 Virginia General Assembly passed a $1.4 billion tax increase, there was news that an improving economy would provide a windfall for the state, which could have reduced the need for the tax hike being so large. Now comes news from the Federal Deposit Insurance Corporation (FDIC). In its Summer 2004 'state profile' for Virginia (requires Adobe Acrobat), the federal bank insurance giant says "tax collections are beginning to recover from large percentage decreases in 2002" but added, "Higher taxes could create a drag on the state's economic recovery." Shouldn't the legislators have know this? One would think so unless some of the legislators were more interested in satisfying special interests.

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