Which is the most likely way that a governor would raise revenue for a new state education program? This article will show you the answer!
A few months ago, I was having an interesting conversation with a business acquaintance who’d advised me of an issue that concerned the future of education in Virginia. He’d said that he’d recently talked to several Education Secretary candidates about the issue and all had agreed on one thing: it would be nice to see a governor who would increase revenue for a new Virginia education system. Indeed, I suppose there’s a certain symmetry there – every single education secretary has advocated increasing capital gains taxes for some purpose. (I can’t remember which one she was referring to.) But let’s have a look at the actual proposal.
Virginia has been trying to move its money into the classroom. Unfortunately, while this has been a fairly straightforward request, the process has actually been rather protracted and rather difficult. For starters, the General Assembly has been debating and voting on a number of different measures aimed at raising capital gains taxes. Several have already been passed, but many of the measures will go on to the ballot in upcoming elections. If voters pass some or all of these measures, Virginia’s revenue stream will likely be redirected from higher education to other programs, and consequently lower education funding.
Whether you agree with that conclusion or not, one fact is obvious. In the days of cheap gasoline and a very low interest rate, Virginia’s per-capita income is increasingly dependent on the gas pump. In other words, without the gasoline tax that supports higher education in Virginia, the quality of education in the state would decline. (You’ll recall that Virginia is the only state in the commonwealth that does not provide any individual student aid for the cost of education. That’s why the new legislature’s efforts to increase revenue haven’t exactly won over the business community.)
So the question is which way a governor would increase revenue for a school system in Virginia? And the answer may surprise you. Because no matter how a governor chooses to increase education funding, he/she would have to compromise some of the benefits provided through that increased revenue.
There are two ways to increase revenue to increase education spending. One is through raising the state sales tax. The other is by increasing the cost-of-living index, or VAT, that would replace the state sales tax. In order to replace the lost income from those changes, most states would require an additional surcharge on consumers’ utility bills.
Which way a governor would raise revenue for a school system in Virginia? By increasing the price of cigarettes in Virginia. According to a recent study commissioned by the tobacco industry, the increase in the state cigarette tax was more than enough to force many smokers to pack their smokes and get out of the state. Additionally, many tobacco companies have indicated that they’re likely to increase cigarette prices in the future, in response to the state’s tax increase.
Which way a governor would increase revenue for a business in Virginia? By increasing corporate taxes. Virginia’s General Assembly recently passed a bill increasing corporate taxes; however, many companies in Virginia are still expecting an increase in their taxes anytime soon.
Which way a governor would increase revenue for a city in Virginia? By increasing taxes on businesses in the cities that contribute to the city’s budget. Several cities in Virginia have already raised their taxes in recent years.
Which way a governor would raise revenue for a business in Virginia? By contracting with local community colleges to provide continuing education credits to employees who are hired to replace employees who retire or are laid off. The new workers would receive credit-based wages during their grace period from when they first become unemployed until the time they apply for their next unemployment insurance eligibility period. In this way, the business owners are able to make a more cost effective system for laying people off, which increases overall employment in the community.
Which way a governor would increase revenue for a business in Virginia? By reducing business regulation and licensing fees that he believes is currently “too high.” Currently, Virginia has several regulations and licenses that increase fees for businesses that do not comply with them. In this way, business owners are paying a “fee” for having too many regulations.
Which way a governor would increase revenue for a business in Virginia? By decreasing the corporate income tax. Virginia’s corporate tax rate is one of the highest in the country at 7 percent. Any decrease in this rate would significantly help the economy by increasing business investment and employment opportunities.
This article is provided by Honduras Educacional. Thank you for reading