Why & how lawmakers aim to protect Virginians from upcoming tax hike
In 2018, the federal Tax Cuts and Jobs Act (TCJA)went into effect. Bloomberg Government described it as “the largest tax code overhaul in nearly three decades.”
One thing the TCJA did was to nearly double the standard deduction for federal income taxes.
The federal standard deduction for single filers went from $6,350 to $14,600. For married couples filing jointly, the figure rose from $12,700 to $29,200.
In 2019, Virginia began raising its standard deduction. A report from the Department of Taxation explained that was done in response to the TCJA. Since that time, the standard deduction for Virginia tax rose from $3,000 for single filers to $8,500. For married couples filing joint, the figure jumped from $6,000 to $17,000.
However, both the federal and state increases in stand...