Virginia Gov. Glenn Youngkin has announced a budget proposal to exempt service tips from Virginia’s state income tax.
On Monday, Youngkin said that his proposal will return about $70 million to Virginians every year.
“We have delivered over $5 billion in tax relief to date, and we remain committed to lowering the cost of living for hardworking Virginians. It’s their money, not the government’s,” the governor wrote in a statement.
“By removing tips from taxable income, it will directly increase the take-home pay of hundreds of thousands of Virginians and give them more buying power, which in turn will improve financial stability, stimulate local economies, and honor the value of their hard work.”…