The “Tax Cuts and Jobs Act” signed into law last December brought tax relief to middle-class Americans across the country. However, it will have the unintended consequence of causing tax bills to rise for over middle-class taxpayers and will hit Stafford County residents especially hard given Stafford’s high rate of homeownership and burgeoning middle-class.
In a recent video posted on Facebook, Stafford County Commissioner of the Revenue Scott Mayausky explains the incompatibility issue that exists between the federal and state returns and how it will impact Virginia’s middle-class. The video has connected with taxpayers as it was shared more than 275 times and watched 10,000 times within a 4-day period.
At issue is the “Tax Cuts and Jobs Act” doubling of the standard deduction to $24,000. This change will cause hundreds of thousands of people to stop itemizing deductions and take the standard deduction.
While this will save Virginian’s on the federal return, it will hurt them on the state return because Virginia law requires they make the same deduction status on the state return as they did on the federal return.
The video explains this process through a sample return of a couple filing jointly with $20,000 of itemized deductions on the federal return. If that same couple takes the $24,000 standard deduction (instead of itemizing) on the federal return, their state tax bill will rise by $691.
This hidden tax increase will generate $600 million of new revenue making it one of the most significant tax increases in the history of Virginia with very few people know about the issue, or are prepared for the dramatic rise in their state income tax bill that will come due next spring.
The video’s goal is to educate Virginia taxpayers who are largely unaware of this issue and provide transparency to state tax policies.
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Las sesiones de liderazgo GRATUITAS se llevarán a cabo en el campus de George Mason University – Arlington para latinas de secundaria. El programa se desarrollará desde el lunes 15 de julio hasta el viernes 19 de julio, de 10:00 a.m. a 3:00 p.m. EST cada día (1 semana).
Our goal is to equip students with the fundamentals of self-promotion and guide them in shaping their personal brand for future success. What sets this program apart is its integration of self-awareness activities and mentorship by seasoned professionals.
Sessions begin with a thorough assessment of leadership dynamics on July 15th, participants delve into the intricacies of personal branding and etiquette on July 16th, followed by practical guidance on crafting compelling LinkedIn profiles and resumes on July 17th. July 18th emphasizes the art of storytelling through personal statements, while July 19th culminates in portfolio presentations, allowing participants to showcase their newfound skills. The program concludes on July 20th with a memorable graduation ceremony, celebrating the accomplishments of the ELITE Academy’s graduates and their journey towards leadership excellence.
We are honored to have the Honorable Andrea O. Bailey of the Potomac District, along with the esteemed leadership of Prince William County, hosting our 4th Annual 5K Walk for Mental Health Awareness. This event is a testament to their commitment to educate, advocate for, and dispel myths and stigma surrounding mental illness.
Dust off your running or walking shoes, bring your pets, and move with us in this county-wide FREE event in recognition of Mental Health Awareness Month on Saturday, May 18th, from 10:00 am to 2:00 pm. This year’s theme is Movement: Moving for Your Mental Health.
We will walk along a scenic multi-purpose trail in a wooded setting with sufficient signage to meet the needs of the walkers at Locust Shade Park, 4701 Locust Shade Drive, Triangle, Virginia 22192.
