Taxes

United States Census Bureau

It's tax time. Have you filed your tax return yet? If you have, you're part of a system that funds most state government functions in Virginia. According to data from the Census Bureau, Virginia relies more on income taxes for its state revenue than almost any other state. 

  If you don’t have kids you still have to pay the taxes that support public schools, just like everyone else. But Republicans in the state legislature are putting weight behind an educational measure that would change that. A proposed bill would allow parents who send their kids to private school or home-school to get some of their tax money back.

That money wouldn’t go straight into parents’ pockets, but into a savings account that could only be accessed for educational spending.

Medication is exempt from sales tax in Virginia, and one other category could be included in that group if the legislature approves.  Lawmakers are considering a bill to stop taxing feminine hygiene products.

Delegate Mark Keam of Vienna says a female staffer convinced him that the legislature needed to look at a new category of products that women of child-bearing age buy – tampons and sanitary napkins.

Tax-Related Identify Theft

Apr 22, 2015

Tax-related identity theft typically occurs when a scammer files a forged tax return using someone else’s Social Security number to claim a refund. In 2013, there were nearly 3 million cases of tax-related ID theft, and the numbers are on the rise.

With people still adjusting to their insurance policies and premiums under the Affordable Care Act, now might not be the ideal time to tell Virginians that sales taxes associated with some health procedures, prescriptions, and even Band Aids could be passed on to them.  But that was one of the issues the Joint Subcommittee to Evaluate Tax Preferences. 

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