Virginia General Assembly Republicans Pass Estate Tax Repeal

Governor Mark Warner and the rest of the General Assembly's Democrats failed to stem the mighty force that is the Virginia GOP. The Republicans of both houses have sucessfully rammed though identical Estate Tax repeals and now Governor Warner is trying to figure out what he can do to prevent a loss of $137 million in revenue. Currently Virginia levies a 16% tax on all estates valued at or above $1 million. The repeal would take effect in 2005. He's trying to avoid a veto because the Republicans have the veto beating 2/3 margin nearly locked up in both houses.

Interestingly enough, and further proof that Virginia Democrats are very conservative, Warner says he would prefer to repeal the tax as part of a major overhaul of the Virginia tax system. The Democrats tried to tie the repeal to a full phase-out of the car tax, a rollback on the food tax and increased education and mental health funding. The Republicans would have none of it. New House Speaker William J. Howell (R-Stafford) ruffled a few feathers by ignoring Democratic attempts to extend the debate.

This is why I love Virginia. Democrats try to fight an Estate Tax repeal with cutting other taxes. I scoff at folks who live under the liberal nonsense that pervades Maryland and D.C.'s governments.