Virginia’s outgoing senior U.S. Senator Jim Webb did the right thing yesterday and voted against the Democratic plan to raise taxes on individuals who earn over $200K a year and families who earn over $250K a year (this includes small business owners who file as S-corporations subject to personal tax rates.)
Webb felt so strongly about this that he took to the Senate floor during debate to proclaim, ”I will not vote to raise taxes on ordinary income of any amount.“
His colleague Mark Warner voted for it.
Let me repeat that. Mark Warner voted to raise taxes, including those of many small business owners.
Furthermore, senate candidate Tim Kaine came down on the same side as Warner and would have voted along with him had he been in the Senate.
How does this impact Virginia? According to a new Ernst and Young economic study on the impacts of raising taxes on those making above the aforementioned amounts, it would decrease economic output in Virginia by $5.8 billion and put 19,900 people out of work.
We don’t need TWO Butt-heads in the Senate from Virginia. One is more than enough…