Thursday, October 10, 2013

Broken promises


Dear Robert --

Yesterday I held a press conference to lay out - point by point, and promise by promise - the incredible cost of Terry McAuliffe's promises.

And he's making a LOT of promises!

We walked through all of the promises that we could quantify, and identified those that we couldn't.  If you want to see the detailed analysis, click here.

The bottom line is that just adding up the cost of the promises that Terry has made that we can figure (i.e., our calculation includes nothing for his promises too vague to put a price tag on), the total cost comes to almost $3.5 billion per year!

That'll require about $1,700 per family of four in new taxes every year!  And we all know that tax hikes are job killers.

So, either Terry is going to continue his long string of broken promises, or your taxes would go way up under a Governor McAuliffe!

My alternative is a tax plan I rolled out last May, and it includes lowering the top personal income tax rate from 5.75% down to 5%, and lowering the business tax rate from 6% down to 4%.  Economists estimate that our plan would result in 58,000 new, full-time, private sector jobs.

And I would note that we expand economic opportunity by putting into real-world practice the simple concept of limited government.  One application of that principle is that the government takes less of your money, so you or your business can spend and invest that money to grow our economy yourself - without more government!

Of course, unlike Washington, we have to balance both sides of the ledger.  So we will hold the growth of government down to population plus inflation, and we will also get rid of approximately 15% of our corporate tax credits and exemptions, which will also make our tax system more fair.

When fully implemented, my proposals will save a family of four an average of about $700 per year.

This all makes for a simple comparison: $1,700 more in taxes with McAuliffe or $700 less in taxes with me, for an average family of four.

Please share this simple comparison with everyone you know and don't forget to tell them that letting ordinary folks keep a bit more of their money is the right way to grow jobs in our economy!

If they're still not sure, you might point out a tale of two other states: North Carolina and Maryland.

In July of this year, North Carolina passed an aggressive tax package that could reduce their business tax rate down to 3% by 2017.  If we do nothing in Virginia, that will leave them with a rate that's only 1/2 of ours - 6% vs. 3%.  That's not a good competitive position for Virginia to be in!

That's a Republican state to our South.  How about the Democrat bastion of Maryland?

Well, Maryland Attorney General Doug Gansler is running for Governor there in 2014 and he is already arguing that Maryland needs to lower its tax rates.  You know why?  Because Virginia is eating their lunch!

So we're in for bi-partisan tax competition going forward, and if we just sit still, other states will pass us by.

I want Virginia to be the best place to do business in America and the world!  With your support on November 5th, we'll keep working in that direction!  Thanks for your support and please pass the word!


Ken Cuccinelli II



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