The Governor has a number of commissions meeting this summer. One of them is focused on Economic Development.
According to today’s Richmond Times-Dispatch, that Commission is reviewing 115 different ideas to promote economic growth in the Commonwealth.
Two of those receiving the most favorable attention according to the RTD:
1. Eliminating the corporate income tax in Virginia
2. Increasing our state’s economic development budget
Tax less, spend more. There’s an idea.
The last thing we need right now is a Commission which continues to avoid hard choices and just provides happy talk. Advertising our state is great but the metrics on the return investment are very uncertain (yes, I’ve heard all the “estimates”). The only sure winner in a marketing campaign is the contractor you hire.
And eliminating a whole category of taxation, would mean that our small locally-owned businesses (LLC’s and PC’s) would be stuck with the corporate tax burden while the large companies pay nothing. That would benefit the large company shareholders. Do they even live in Virginia?
Personally, I would be much more impressed if the Commission was to tell us what economic tools are not working and suggest elimination. Or suggest eliminating certain corporate tax breaks which don’t create jobs.
That would show something.