Breaking down Gov. Youngkin's budget: How would it impact your bank account?

Posted at 11:45 AM, Dec 20, 2023
and last updated 2023-12-20 11:45:11-05

RICHMOND, Va. -- Governor Glenn Youngkin (R - Virginia) unveiled his proposed budget Wednesday morning at the state capitol.

He said his budget would unlock the potential for all Virginians if the Virginia General Assembly approved his plan and sent it back to him untouched.

Of course, Democrats control both the Virginia House and Virginia Senate, so a compromised budget between the political parties is likely.

Tax relief is a major part of Governor Youngkin's proposal.

He said he'd like to reduce the personal income tax for all Virginia taxpayers while increasing sales tax in Virginia.

He'd also like to see Virginia lawmakers eliminate the car tax, calling it an outdated system that needed to go away.

Governor Youngkin's budget also included $316 million to help with mental health services in Virginia and $440 million for his child care plan addressing the child care shortage help for families that cannot afford childcare.

There is nothing in Governor Youngkin's budget tied to a recently announced deal to build a new arena in Northern Virginia to lure the Washington Wizards and Washington Capitals to the Commonwealth.

This is a developing story, so anyone with more information can email to send a tip.

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