Virginia proposes 10% income tax increase for wealthy earners

RICHMOND, VA – A new proposal before the Virginia General Assembly would create a higher income tax rate for the state’s wealthiest earners, directing millions in additional revenue toward education, childcare, and affordable housing programs.

House Bill 188, introduced by Delegate Kelly Convirs-Fowler and referred to the Committee on Finance, would amend Virginia’s income tax structure for the first time in decades. Under the measure, taxpayers with annual incomes over $1 million would see a new top marginal rate of 10 percent, up from the current maximum of 5.75 percent.

For all other brackets, the state’s long-standing tax rates — two percent on the first ...