Virginia Gov. Glenn Youngkin announced a ‘no taxes on tips’ initiative for his state.
“We have seen record job growth. We have seen record corporate investment. And as a result, we have seen record receipts. Surplus after surplus after surplus, more people are moving here for the first time in 10 years,” Youngkin said on Fox News.
“That is all translated into financial flexibility for us to provide even more tax relief. And so today I announced our initiative to provide no taxes on tips to all of those hard-working folks in the hospitality and restaurant and food industry personal services,” he continued.
“This is over 250,000 Virginians who work so hard. This is a great way for them to keep more money in their pocket as opposed to giving it to government,” he added.
“We’re already running surpluses, and therefore no taxes on tips is going to become the mantra in Virginia,” he said.
WATCH:
No Taxes on Tips will become the mantra in Virginia! pic.twitter.com/6ZIjBqLukL
— Glenn Youngkin (@GlennYoungkin) December 16, 2024
From The Southwest Times:
Governor Glenn Youngkin today announced a budget proposal to exempt service tips from Virginia’s state income tax. This proposal will return an estimated $70 million annually to the pockets of hardworking Virginians to further deliver on Governor Youngkin’s commitment to lower the cost of living for working families across the Commonwealth. This builds on the more than $5 billion in tax relief already delivered for Virginians under his administration.
“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,” said Governor Glenn Youngkin. “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.”
The Virginia Department of Taxation and the Virginia Employment Commission estimate that more than 250,000 Virginians within the food service industry, personal service industry (such as hair stylists), and hospitality industry (such as bellhops and concierges) could benefit from the proposed tax relief. Workers who receive tips from their employment in other industries would also benefit.
I’ll sign every receipt just like this until I sign No Tax on Tips into law. pic.twitter.com/ekhbhDAx0p
— Glenn Youngkin (@GlennYoungkin) December 16, 2024
This morning @GovernorVA @GlennYoungkin announced that he will champion No Tax on Tips in Virginia!
This proposal will return an estimated $70 million annually to the pockets of hardworking Virginians! pic.twitter.com/WLQr4gpuOZ
— Christian Martinez (@C_RMartinez) December 16, 2024
Per WWBT:
Gov. Glenn Youngkin on Monday called for “no taxes on tips” in Virginia.
“Virginians are overtaxed,” he said at the announcement at McLean’s Restaurant on West Broad Street.
He says cutting taxes on tips will provide relief to more than 250,000 Virginians who work in the food service industry, personal service industry (such as hair stylists), and hospitality industry (such as bellhops).
“No tax on tips will be a foundational piece of our overall budget submission this week,” Youngkin said. “I think this should be bipartisan as we take care of these folks. I look forward to working with members of our General Assembly.”
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