WAMU 88.5 : Morning Edition

Filed Under:

Committee Looks At Loopholes In Va. Tax Code

Play associated audio

While lawmakers on Capitol Hill are considering revisions to the federal tax code, lawmakers in Virginia are evaluating their state tax code.  The Joint Legislative Audit and Review Commission is studying billions of dollars worth of credits, deductions and exemptions and the watchdog agency says only some work the way they were intended. 

Many of the tax preferences, such as sales tax relief for food, were enacted to achieve policy goals. In 2008, they reduced taxpayer liability by $2.9 billion. But Ellen Miller, the project leader for JLARC's recent tax report, says some goals to provide tax breaks for people with lower incomes also helped others.

 "Only two preferences, the age deduction and low income tax credit, did so efficiently and provided the majority share of the reduced liability to intended beneficiaries," Miller says.                                                                                                 

For example, tax breaks to help save for college were only somewhat effective. In other cases, "we found that preferences promoting the coal industry, nonprofit activity, and long-term care insurance were unlikely to achieve their goal," Miller says. The report recommends creating an oversight panel to assess all special tax preferences in the state. 

NPR

National Museum of African American History Opens Its Doors

More than 100 years after it was originally proposed, the Smithsonian National Museum of African American History and Culture is opening its doors in Washington, D.C.
NPR

While Everyone Was Partying At Woodstock, I Was Stuck At Schrafft's

The chain restaurant that catered to women helped redefine how Americans eat, according to a new book. For NPR's Lynn Neary, it also defined how she did and didn't fit with the counterculture.
NPR

Newspaper Endorsements Matter Most When They're Unexpected

The New York Times endorsed Hillary Clinton on Saturday, but an endorsement that came the day before from a smaller paper may matter more to its readers, for the simple fact that it was unexpected.
NPR

As Our Jobs Are Automated, Some Say We'll Need A Guaranteed Basic Income

How will the economy provide economic opportunities if employers need fewer workers in the future? A growing number of people in Silicon Valley are saying the only realistic answer is a basic income.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.