“In moving to block two of the 20 tax increases imposed by Obamacare, Sen. Black and Del. Marshall have distinguished themselves as taxpayer heroes” -Grover Norquist
RICHMOND – Sen. Dick Black (R., Leesburg) and Del. Bob Marshall (R., Manassas) have joined forces in the Virginia General Assembly to protect Virginia taxpayers’ pocketbooks from two Obamacare tax increases costly to family budgets. By following the normal practice of conforming to federal tax law Virginia citizens income taxes will be automatically increased. SB 673 prevents this back-door, defacto move to raise taxes without accountability or transparency.
Sen. Black is the chief patron of Senate Bill 673, which would amend the Code of Virginia to “deconform” the Commonwealth’s tax rules from the federal tax increases contained in the 2010 Patient Protection and Affordable Care Act. Del. Marshall is the chief House patron of SB673. The Obamacare tax increases will go into effect without passage of SB 673.
The Black-Marshall legislation will be heard in the Senate Finance Committee at 9 a.m. on Tuesday (Feb. 8th) in Senate Room B of the General Assembly Building.
According to The Heritage Foundation, a conservative Washington, D.C., think tank, the tax increases targeted in SB 673 are among a number of tax increases contained in Obamacare that will cost American taxpayers $503 billion from 2010 to 2019. They will slow economic growth, reduce employment and suppress wages.
SB 673, if enacted, would permit Virginians to continue to deduct from their state income tax returns unreimbursed medical expenses of over 7.5%. Under Obamacare, Virginians could only deduct itemized medical expenses over 10% to qualify for a deduction.
The Black-Marshall bill, also would allow Virginians to continue to deduct the full amount of their contributions to flex spending accounts up to $5,000. Obamacare caps such tax deductible contributions at only $2,500.
The reduction of both of these deductions will result in a higher taxable income for Virginians and therefore failure to pass SB 673 will mean higher taxes for Virginians.
“Sen. Black and Del. Marshall are taking a bold stand in defense of Virginia taxpayers, currently scheduled to face the largest federal tax increase in U.S. history in less than 12 short months,” Grover Norquist, president of Americans for Tax Reform, said.
“In moving to block two of the 20 tax increases imposed by Obamacare, Sen. Black and Del. Marshall have distinguished themselves as taxpayer heroes and have taken one of the most significant steps of any lawmakers in the country to protect their constituents from the onslaught of tax increases coming from Washington.”
The Black-Marshall proposal “would help mitigate the adverse economic impact of this tax tsunami for Virginians,” Norquist said. “Their legislation is a positive step in curbing the federal outreach and job-killing tax increases signed into law by President Obama. It is a model for state legislators across the country to follow.”
FOR RELEASE: On Receipt [February 7, 2012]
CONTACT: Senator Black, (804) 698-7513
Delegate Marshall, (804) 698-1013