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Author: John H. Bowman, Professor of Economics, Virginia
Commonwealth University
Home Page: http://dls.state.va.us/taxcode.htm
Table of Contents
Personal Income Tax
Key Considerations
Income Tax Relative to Population, Income, & Other Taxes, Selected Years
Personal Income Tax Share of All State Taxes, Selected Years, 1975-2000
Income Tax Level – Three Relative Measures, Selected Years, 1975-2000
Tax Structure Showing Its Age
Income Tax Structure Dated
Failure to Adjust for Inflation Has Altered Effects of Tax Structure
Tax-free Amounts Are Low
1998 Poverty Levels and Tax-free Amounts for Virginia Income Tax
Personal Exemptions and Standard Deductions Below Poverty Levels
Current Tax
Commission’s Recommended Changes in Base Definition
Recommended Rate Changes (Option E2 in Appendix S)
Evaluating the Alternatives
Evaluation Criteria
Illustrative Tax Burdens – Current Tax and Commission Recommendations
Effective Tax Rates (ETRs) Under the Two Structures
Effective Tax Rates – Current Tax for 6 Families Varying by Size & Age
Effective Tax Rates – Option E2 for 6 Families Varying by Size & Age
One Group’s Preference Is Another’s Penalty
Age-based Preferences
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